EBay is poised to announce its first acquisition since the split from PayPal, and it looks like it’s going back to its roots: second hand clothing.
The acquisition in question is Twice, a second hand clothing startup backed by Andreessen Horowitz, which acts like a hybrid of traditional online retailers like Amazon and eBay.
The price of the deal was not revealed. An eBay representative confirmed the deal.
“With billions of dollars-worth of unwanted and unused items in people’s possession, eBay is focused on unlocking the value of that inventory,” Jordan Sweetnam, Vice President of Seller Experience at eBay, said in an email to Forbes.
Under the terms of the deal Twice’s technical leadership and engineering teams will join the e-commerce giant, with co-founders Noah Ready-Campbell and Calvin Young joining eBay’s seller experience team.
Twice’s technology will be integrated with eBay to power its eBay Valet service.
The Twice website will be shut down later this month.
“As part of this agreement, eBay will be able to use some of the technology we’ve developed at Twice and integrate it into their broader assisted selling efforts,” Twice said on its company blog.
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.
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