while revenue growth has moderated, the
Mirakl at $177M ARR
The key signal is that Mirakl is becoming less tied to how fast it signs new software revenue, and more tied to how much commerce its customers run through the system. GMV grew 30% to $11.2B in 2024 while ARR grew 15% to $177M, which suggests existing client marketplaces are getting deeper adoption, adding more sellers and categories, and processing more orders even as Mirakl monetizes that activity with a relatively modest blended take rate of about 2%.
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Mirakl sits one layer beneath the retailer. A customer shops on Best Buy or Macy's, a third party seller lists inventory there, and Mirakl handles seller onboarding, catalog management, order routing, payments, and marketplace operations. That means GMV can rise quickly when a client opens more categories or adds more sellers, without Mirakl booking that full merchandise volume as revenue.
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The revenue and GMV gap also reflects pricing structure. Mirakl charges a yearly software fee plus a variable cut of GMV, with larger marketplaces often paying more fixed SaaS and a lower effective variable rate. As marketplaces mature, merchandise volume can compound faster than Mirakl's own recognized revenue.
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This is the same pattern that made Amazon and Walmart marketplaces so powerful. First the third party assortment expands selection and lifts transaction volume. Then ads become the high margin layer on top. Mirakl Ads growing more than 100% in 2024 shows Mirakl is starting to monetize seller demand beyond core software, once marketplace traffic is large enough to support paid placement.
Going forward, the biggest upside is not just more marketplace launches, but higher GMV per live marketplace. As more enterprises adopt the model and existing customers reach the scale where ads, seller services, and B2B marketplace workflows become meaningful, Mirakl can turn rising transaction volume into faster monetization without needing revenue growth to rely only on new logo sales.