E-commerce company Shopmatic said it had acquired 100 per cent of CombineSell, a software-as-a-service (SaaS) for an undisclosed amount. CombineSell automates multichannel e-commerce by aggregating online marketplaces.
Shopmatic had previously acquired a 50.1 per cent stake in retail management and point of sale solution provider Octopus. It is present in over 13 markets, including India, Hong Kong, China, Malaysia, Philippines and the UAE, and has more than 250,000 merchants, the Singapore-based firm said.
“About 80 per cent of these merchants come from India which is our biggest market,” said Anurag Avula, co-founder and chief executive of Shopmatic.
“This (acquisition) gives us an advantage in enabling the growth and success of the merchants on our platform. In a single click, merchants will now have access to numerous channels in the South East Asian countries”.
Source: Business-Standard