AOL Ventures, the investment vehicle of media company AOL, has exited US-based e-commerce development platform Spree Commerce after its acquisition by payments processing service First Data, TechCrunch reported on Friday.
The terms of the deal have not been disclosed. Spree will continue to operate some of its services and has begun developing products for First Data.
Established in 2008, Spree provides an open-source storefront that can be easily configured and adapted to the merchant’s needs. The company had also created technology, dubbed Wombat, to connect the storefront to backend operations, but will shut this product down in March 2016.
AOL Ventures invested in Spree’s $5m series A round in February 2014, led by Thrive Capital. Vegas Tech Fund, Red Swan and True Ventures also took part in that round.
AOL Ventures had also contributed funds to Spree’s $1.5m seed round in 2011, alongside True Ventures and angel investor Sean Glass.