Zip Co acquires fashion search engine The Urge
If your business model revolves around helping retailers lift sales through buy-now-pay-later (BNPL) offerings, why limit yourself to the fast money?
An $8.5 million acquisition announced by Zip Co (ASX: Z1P) today may pale into insignificance compared to more than $400 million worth of shares shelled out to buy US-based QuadPay, but it marks a large step into diversified retail services.
Zip Co has acquired all shares in Sydney-based technology company Urge Holdings, known for its fashion search engine The Urge as well as a “Shazam for fashion” app known as Shnap.
The deal involves an upfront consideration of around $3 million via the issue of 432,516 full paid ordinary Z1P shares to Urge shareholders, and includes $5.5 million in deferred.
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