The sum of the deal was not disclosed, but it was agreed that Zing’s team will be integrated into Bigcommerce and that its intellectual property will become property of Bigcommerce. The acquisition will allow Bigcommerce to expand and improve its retail services and capabilities.
Zing’s acquisition was a strategic move that will allow Bigcommerce to partner with point-of-sale providers such as Lightspeed and Square in a much more efficacious manner. Bigcommerce will now have a collection of APIs and foundational technologies that they hope will lead to the development of solutions for retailers such as real-time synchronisation of online and physical inventory.
So far Bigcommerce has raised $125m. With investors such as Telstra Ventures and American Express, Bigcommerce will continue to expand its presence in Australia and US, and hopes to see off e-commerce rivals such as Shopify, which has recently filed for a $100m initial public offering.
“The industry has reached an inflection point where retailers of all sizes want and expect to deliver next-gen experiences, such as in-store pickup and ship-from-store, without the complexity of switching between multiple back office tools,” said Eddie Machaalani, co-founder and CEO of Bigcommerce.
There’s more signs of consolidation in the crowded European payments space with news that Stockholm-based iZettle is buying a company called intelligentpos.
MasterCard has bought Vocalink for £700m ($920m) in a deal that has been rumoured for months.
Oh, what we wouldn't do to know the future! Like Biff and the Almanac in Back to the Future, all we need is a guide. Luckily the team over at Pivotl is on hand to give us one for the future of fintech.
In a sign of the increasing importance of optimising the value of online and offline customer interactions and understanding multichannel customer analytics, UK venture builder Blenheim Chalcot is snapping up customer journey analytics firm iJento.