SINGAPORE - Media OutReach - 14 October 2019 - 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."
Shopmatic continues to create industry disruptions with features, offers and pricing, focused on enabling the success of sellers on its platform. With over 250,000 merchants on its platform, Shopmatic has been setting the trend for enabling sellers to be successful digitally.
Shopmatic's customer-first approach has unlocked tremendous growth figures. Following the launch of its disruptive transaction pricing model, Shopmatic clocked a 174% QoQ revenue growth and a 160% hike in transactions on its platforms within the April-June quarter. Empowered by a fervent response from small businesses and aspiring entrepreneurs on its platform, Shopmatic is geared up to bring half a million merchants online in the current financial year.
Founded in December 2014, Shopmatic has been driving game-changing strategies in the ecommerce space and has engineered itself to stay focused on helping its customers succeed.
With its recent acquisition of Octopus, Shopmatic is driving an omnichannel play for individual entrepreneurs and businesses in emerging markets, by enabling the entire ecommerce-&-retail-management ecosystems for them to succeed.
From a domain name to easy integrations with domestic and international payment gateways and shipping partners, to getting discovered via a unique, curated platform- Shopmatic World to POS, Inventory Management and CRM solutions, Shopmatic helps business owners manage the full spectrum of what is required to grow their business.
Shopmatic is headquartered in Singapore with a presence in India, Hong Kong, China, Malaysia, Philippines and UAE. The company is quickly expanding to the rest of South-East Asia, this year.
Shopmatic has raised 20 M SGD from its incorporation till date with August One, SEEDS Capital and a consortium of investors.