October 6, 2022

Robotic Notes

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Amazon quietly buys another multichannel retail technology company, UK-based Veeqo

2 min read

(Veeqo Image)

Amazon confirmed Monday morning that it has acquired Veeqo, a software company based in the United Kingdom that offers inventory and fulfillment tools for e-commerce sellers on Amazon.com and other platforms.

The acquisition continues a trend of Amazon building out its e-commerce infrastructure beyond its core platform. Its acquisition of Selz last year raised speculation about Amazon competing more directly with Shopify in providing e-commerce services regardless of whether they sell on Amazon.com or elsewhere.

Veeqo’s tools support sales on channels including eBay and Shopify in addition to Amazon.com.

Amazon’s existing offers include Multi-Channel Fulfillment, which lets third-party sellers use Amazon’s established network to fulfill orders placed on other sites.

“We’re excited Veeqo has joined Amazon. Veeqo is an innovative company that helps sellers manage their multi-channel business and provides an outstanding experience to shoppers, ”an Amazon spokesperson said. “We plan to continue investing in new features and improvements to help Veeqo serve sellers globally from its home in Wales, facilitate growth for sellers’ multi-channel businesses, and enhance the experience of their customers.”

Founded in 2013 by CEO Matt Warren, Veeqo has an estimated 70 employees. Technology research firm Megabuyte estimated Veeqo’s revenue to be “in the mid single digit £ ms,” in a note to subscribers on Monday morning.

In another parallel to the Selz deal, the acquisition of Veeqo stayed under the radar for some time after it was completed. Veeqo announced the acquisition on Nov. 2 on its website. Octopus Ventures, which led an earlier £ 3.3 million funding round in the company, confirmed the news Monday morning on its website.

CNBC reported the news of the acquisition earlier today.

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