Amazon Confidentially Scooped Veeqo In November

March 7, 2022 2:10 PM | 1 min read | Make a Comment

Amazon.com Inc 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 EBAY, Etsy Inc ETSY, Shopify Inc SHOP and Walmart Inc 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.