Amazon buys Welsh retail tech firm Veeqo

Amazon has purchased Swansea-based retail technology company Veeqo.

The company, founded in 2013 by Matt Warren, provides tools which help sellers on e-commerce platforms manage their orders, covering inventory, picking, shipping, purchasing, and reporting.

Veeqo’s solution integrates with a variety of e-commerce platforms including Amazon, Royal Mail, USPS, FedEx, Shopify, Magento, and Etsy.

The terms of the deal have not been disclosed.

According to Veeqo’s LinkedIn it currently employs around 60 people.

The news comes after UK venture capital firm Octopus Ventures led a £3.3 million growth investment in the company in March 2019.

The acquisition follows Amazon’s purchase of Australian e-commerce tech firm Selz in February 2021, which also helps its users to sell products on Amazon’s platform.

“We’ll carry on investing in new features and usability in our product from our headquarters in Wales,” said a Veeqo spokesperson. “We look forward to discovering all the ways we can work with Amazon to build on our existing tools, develop new services and, ultimately, serve you better.”

“Our plan was to raise a Series B round in late 2021 and grow the company past £10 million plus annual recurring revenues for a hopeful £100 million plus exit valuation. We felt that hitting these milestones would be of note to entrepreneurs and investors alike, thereby shining a spotlight on Swansea,” said Martin Fincham, chair at Veeqo, in a LinkedIn post. "Little did we know that the mighty Amazon would make an offer that we couldn’t refuse and ‘little ol’ Veeqo would find itself running in the engine room of the world’s largest online retailer.”

He added: "Amazon has an admirable track record of investing locally after such an acquisition, so I sincerely hope that, in a few years, when driving past Swansea Bay on the M4 motorway, I will be blinded by the sun glinting off the windows of Amazon Tower housing 1,000 plus Veeqo employees.”

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