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E-commerce technology startup Veeqo acquired by Amazon

By Nagasunder in Business News, posted March 13, 2022

Amazon has acquired Veeqo, a startup that creates solutions to assist internet businesses in selling things both on and away from Jeff Bezos's internet giant.

The Big Tech firm stealthily purchased the e-commerce software start-up in November, but it did not make the deal public.

Veeqo announced the deal in a company blog post, and Octopus Ventures, one of the firm’s investors, confirmed the deal on Monday, March 7.

Amazon is thought to account for approximately 40 percent of all e-commerce transactions in the United States, but it has long wanted a piece of the action on other digital platforms such as eBay, Etsy, Shopify, and Walmart.

Amazon has operated a program called Multi-Channel Fulfillment for several years, which allows sellers to store and distribute products using Amazon's services whether or not they're selling on the main site.

Veeqo wrote: “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,”

An Amazon spokeswoman confirmed the acquisition but declined to disclose the terms.

She said: “We’re excited Veeqo has joined Amazon, 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.”

Veeqo is based in Swansea, Wales, and provides software that helps retailers manage their online businesses across e-commerce platforms, including Amazon, eBay, Shopify and Walmart, ranging from order shipping and returns to keeping track of what products are in stock. The company employs roughly 60 people.

Source: CNBC

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