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Benzinga
Benzinga
Business
Anusuya Lahiri

Amazon Confidentially Scooped Veeqo In November

Amazon NYSE Amazon.com Inc. SHOP Amazon.com Inc CNBC eBay Inc Etsy Inc Shopify Inc Walmart Inc
  • Amazon.com Inc (NASDAQ:AMZN) had confidentially acquired Veeqo in November. The financial terms of the transaction remain undisclosed.
  • Octopus Ventures, an investor in Veeqo, confirmed the deal.
  • Veeqo makes tools to help online businesses sell products on and off Amazon.
  • Amazon, which likely accounts for ~40% of the nation’s e-commerce sales, has long been pursuing a share of sales on other platforms like eBay Inc (NASDAQ:EBAY), Etsy Inc (NASDAQ:ETSY), Shopify Inc (NYSE:SHOP) and Walmart Inc (NYSE:WMT), CNBC reports.
  • By acquiring Veeqo, Amazon could integrate more robust tools for sellers into its MCF program, potentially luring them away from other third-party logistics providers.
  • Price Action: AMZN shares traded lower by 5.06% at $2,765.50 on the last check Monday.
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