Shopmatic acquires CombineSell to consolidate its leadership position in the e-commerce space
By Retail4Growth Team | October 16, 2019
The acquisition follows Shopmatic’s strategy of consolidating its position in a fragmented e-commerce enabling software sector.
International e-commerce company, Shopmatic has acquired 100% of CombineSell, a Software as a Service (SaaS) platform that automates & simplifies multichannel e-commerce selling by aggregating popular online marketplaces into just a single platform.
The acquisition follows Shopmatic’s strategy of consolidating its position in a fragmented e-commerce enabling software sector. The Singapore-based e-commerce enabler had previously acquired a 50.1% stake in retail management and POS solution provider Octopus, to unlock the omnichannel growth strategy for its merchants. Now, Shopmatic has brought Singapore’s top-ranking multichannel e-commerce solution provider, CombineSell, to further its value proposition to their customers.
CombineSell leverages innovative technology to enable merchants to sell on multichannel e-commerce platforms, and drive campaigns for business growth. With this acquisition, Shopmatic’s merchants will now be able to leverage the power of selling on multiple channels while managing their online business through a single dashboard. CombineSell has 30+ ecommerce channel integrations available - including those with Lazada, Shopee, Qoo10, Amazon, eBay, Carousell, Redmart, Xero, etc, from a single, centralised platform and has generated over $150M of GMV in the last 12 months. CombineSell was co-founded by June Yong, Amanda Ho & Gerald Lam and has over 30+ people based across Singapore & Malaysia.
Commenting on the acquisition, Anurag Avula, Co-Founder & CEO, Shopmatic, said, “In our continued bid to drive digital success for our merchants, we have been growing our suite of services on the platform, and are very happy with the acquisition of CombineSell. This gives us a significant advantage in enabling the overall growth & success of all merchants on our platform. In just a single click, merchants will now have access to selling across numerous channels in various countries across South East Asia. The acquisition of CombineSell further consolidates our position as clear market leaders in digitizing SMBs & Individual Entrepreneurs in APAC.”
Loh June Yong, Founder & CEO, CombineSell added, “At CombineSell, we understand that growing an online business can be rife with challenges. To the same end, we have been making it easier for sellers on our platform to grow and manage their business across multiple marketplaces. Shopmatic has cemented its position as a powerhouse e-commerce platform for small businesses and individual entrepreneurs. Following the latest development, we are excited to join forces with Shopmatic and together enable the online success of businesses, in the emerging markets.”
SEEDS Capital, the investment arm of Enterprise Singapore, has been an early investor of Shopmatic. On the acquisition, Geoffrey Yeo, General Manager, SEEDS Capital, said, “Having invested in Shopmatic earlier on, both SEEDS Capital and Enterprise Singapore have been working closely with Shopmatic on its expansion plans in Asia, especially to markets such as India and Southeast Asia where the e-commerce needs are growing rapidly. SEEDS Capital is pleased to have connected Shopmatic with CombineSell, which led to this win-win collaboration for both companies. The acquisition will allow Shopmatic to grow its e-commerce capabilities, and further augment the integration of its e-commerce channels to better serve its customers.”
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