Wal-Mart announced its acquisition of our client Jet.com mere days after the online shopping giant celebrated its first anniversary. The acquisition represents the largest e-commerce acquisition in US history.
“Wal-Mart Stores Inc. signed a $3.3 billion deal to buy web retailer Jet.com Inc., bringing in some outside help to jump-start growth at the retail giant’s e-commerce operations. The deal is the largest ever purchase of a U.S. e-commerce startup and a sign Wal-Mart Chief Executive Doug McMillon sees the shift to online shopping and the expansion of Amazon.com Inc. as existential threats to the company’s five decades of growth.” (Nasdaq)
For its $3 billion, Wal-Mart hopes to maintain its standing as the world’s largest retailer, while emerging as an online shopping powerhouse as well. With an enviable customer base, Jet adds 400,000 new customers per month and receives 25,000 orders per day.
Woodridge Growth has been working with Jet since March. Congratulations to Marc Lore and the innovative team at Jet.com.