Amazon acquired the e-commerce software Startup Veeqo
The company helps online businesses manage their operations on e-commerce platforms like Amazon
Amazon acquired Veeqo, a Startup that helps sellers manage their online businesses. Specifically, it’s a company that manufactures tools that help online businesses like e-shops sell products on and off Amazon.Veeqo was founded in 2013 and headquartered in Swansea, Wales, and provides software that helps retailers manage their online businesses on e-commerce platforms, including Amazon, eBay, Shopify and Walmart, from order shipping and returns to tracking products in stock. The company employs about 60 people, according to LinkedIn.A spokeswoman for Amazon also confirmed the acquisition, but declined to disclose the terms, and Veeqo representatives have not yet commented further on the deal
The tech giant acquired the newly formed e-commerce software company last November, but has not since made the acquisition public. Veeqo announced the deal through a post on the company’s website, while Octopus Ventures — one of the company’s investors — confirmed the deal on Monday.A spokeswoman for Amazon also confirmed the acquisition, but refused to disclose the terms, and Veeqo representatives have not yet commented further on the deal.
Amazon is estimated to be claiming about 40% of the country’s e-commerce sales, but has long been interested in claiming a share of the sales on other digital platforms like eBay, Etsy, Shopify, and Walmart. In particular, Amazon – by charging sellers for services that help them place orders on Walmart’s website – would indirectly get a share of those sales.
For several years now, Amazon has been offering a program called Multi-Channel Fulfillment, which allows sellers to store and ship products using Amazon’s services, regardless of whether they’re selling on the domestic website. Meanwhile, third-party logistics providers and companies like Shopify, UPS, and FedEx have launched their own fulfillment services – and Amazon has tried to attract and keep sellers on MCF by lowering its prices.
With the acquisition of Veeqo, Amazon could integrate more powerful tools for retailers into the MCF program by attracting them, potentially away from other providers.