Singapore-based online retail software developer CombineSell has been acquired by e-commerce services provider Shopmatic, allowing branding services firm Louken Group to exit, The Business Times has reported.
The companies did not disclose the size of the transaction but Shopmatic co-founder and chief executive Anurag Avula told the newspaper it consisted of a mixture of cash and stock.
Combinesell provides software that automates parts of the online retail process for merchants, allowing them to place listings on multiple platforms, manage inventory and interact with customers through a single interface.
Louken had reportedly invested in the company as part of a seed round of undisclosed size that included incubator Spaze Ventures and angel investor Koh Boon Hwee, all of which exited with cash. The founders received shares of Shopmatic instead.
