Amazon Acquires Business Management Firm Veeqo
Amazon acquired Veeqo, an eCommerce software company that makes tools to help online businesses sell products on and off Amazon, in November but did not publicize the deal, according to a CNBC report Monday (March 7).
Veeqo announced the deal in a company blog post in November, but the news escaped most media outlets at the time. One of the firm’s investors, Octopus Ventures, confirmed the Amazon acquisition Monday (March 7).
Amazon has about 40% of the U.K. eCommerce market but has pushed to sell on digital platforms including eBay, Etsy, Shopify and Walmart, through charging sellers for services and other third-party logistics that help them fulfill orders on those sites.
The Veeqo acquisition could allow Amazon to integrate additional seller tools into its Multi-Channel Fulfillment program, which lets sellers store and ship products using Amazon’s services regardless of whether they’re selling on the home site, the report said.
“We look forward to discovering all the ways we can work with Amazon to build on our existing tools, develop new services and, ultimately, serve you better,” Veeqo wrote in its blog post announcing the deal. An Amazon spokeswoman confirmed the acquisition to CNBC but wouldn’t reveal the terms.
“We’re excited Veeqo has joined Amazon,” the spokeswoman told CNBC. “We plan to continue investing in new features and improvements to help Veeqo serve sellers globally from its home in Wales, facilitate growth for sellers’ multichannel businesses and enhance the experience of their customers.”
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