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Singapore Based Ecommerce Enabler Shopmatic Acquires Technology Consulting Firm 5X Ruby

Singapore Based Ecommerce Enabler Shopmatic Acquires Technology Consulting Firm 5X Ruby

Singapore-based ecommerce enabler Shopmatic has reportedly acquired a majority stake in Taiwan-based technology consulting firm, 5X Ruby. The move on Shopmatic’s part is aimed at strengthening its research and technology team, as per a report by ET.

As per an official statement, Shopmatic has acquired 51% stake in 5X Ruby for an undisclosed amount in a mixed cash-and-stock deal. The latter’s valuation has not been disclosed.

Commenting on the development, Anurag Avula, co-founder, Shopmatic said, “We plan on developing value-added services for our customers including inventory management service, integrate payments on the platform, aggregation and taxation. For these services we will be using the technology from 5X Ruby. Some of the 20-member team of the company will be working with Shopmatic’s lab to design these solutions.”

Shopmatic was incorporated in December 2014 by Anurag Avula, Yen Lim and Kris Chen. It is an international ecommerce platform, launched with the intent of helping anyone wishing to sell online. It aims to help merchants and individuals manage everything that is required for them to grow their business in the virtual world.

The company assists by managing/helping merchants to develop their own unique web-store, listing them on marketplaces and social channels to aiding them with insights on how to sell online.

According to the same report, 85-90% of Shopmatic’s business comes from from India. With the acquisition, the platform is looking to enter new markets by early 2017 and strengthen its presence in other South Asian markets in Japan and others.

In 2015, Shopmatic launched its operations in India and earlier last month, it launched a mobile app, Go for Indian sellers. The app enables everyone to take their business online by providing them with an easy tool to create an ecommerce website in less than two minutes with three easy steps.

Other Indian companies like Martjack and Buildabazaar are providing similar services in bits and pieces. Besides, there are also end-to-end ecommerce enablers like Zepo and KartRocket, that are directly competing with Shopmatic.

Author

Ambika Chopra

Inc42 Staff

An ace feminist and humanitarian, Ambika identifies herself as a reader, writer and a dreamer. Also a literature buff and development enthusiast. At Inc42 she aims to explore the startup ecosystem with ideas that juxtapose digital culture with social responsibility.

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