Singapore-based e-commerce enabler Shopmatic Pte. Ltd said it has fully acquired CombineSell Pte. Ltd, a software-as-a-service (SaaS)-based startup that helps automate multichannel e-commerce by aggregating online marketplaces.
Shopmatic said in a statement that the acquisition will help to improve its value proposition to its customers. The company did not disclose the financial details of the transaction.
The acquisition comes after Shopmatic acquired a 50.1% stake in Octopus Retail Management Pte. Ltd in March. Octopus is a retail management and point-of-sale solution provider.
Anurag Avula, co-founder and chief executive officer at Shopmatic, said the acquisition would help the firm to provide its customer-merchants with a significant advantage with respect to their overall growth and success.
“The acquisition further consolidates our position as clear market leaders in digitizing SMBs individual entrepreneurs in APAC [Asia-Pacific],” he said.
Founded in June 2017 by Loh June Yong, Amanda Ho and Gerald Lam, CombineSell allows for over 30 ecommerce channel integrations, including with Shopee, Lazada, Amazon and eBay. The company claims it has helped to generate over $150 million in Gross Merchandise Volume (GMV) in the last 12 months.
Shopmatic, founded in 2014 by Anurag Avula, Yen Lim and Kris Chen, says its platform helps small and medium-sized enterprises build their online stores, through which they can sell their products or services.
The e-commerce enabler provides an integrated payment and shipping function. The platform also has data analytics and insights that help sellers to reach out to their target audience. It claims to have over 250,000 merchants on its platform.
In 2017, the company raised $5.7 million (Rs 37 crore) in its Series A round of funding from ACP Pte. Ltd, a technology-focussed venture capital firm, and Spring Seeds Capital Pte. Ltd, the investment subsidiary of SPRING Singapore, a unit of the government of Singapore.