Ingram Micro Takes Over Shipwire
Ingram Micro Inc. (NYSE: IM), a distributor of information technology products, has acquired Shipwire for an undisclosed price.
Shipwire is a startup that aims to make it easier for businesses to quickly ship inventory to customers. The Palo Alto, Calif.-based target provides web-based solutions for storing and shipping merchandise. In 2011, eBay Inc. (Nasdaq: EBAY) and Newell Rubbermaid Inc. (NYSE: NWL), along with Sewickley, Pa.-based venture capital firm Meakem Becker, each invested in Shipwire. Before that, the company raised about $4 million in Series A funding in a round led by Meakem Becker in 2007.
Shipwire is made up of a network of warehouses in which merchants store their inventory. The company’s cloud-based platform automatically ships orders out to a variety of customers, including Zynga Inc. (Nasdaq: ZNGA) and Rovio Entertainment Ltd.
The company expects the deal to grow the number of warehouses it has in other countries, according to a statement from Shipwire founder and chief executive Damon Schechter. Shipwire currently has warehouses in just four countries. For Ingram, the acquisition grows the Santa Ana, Calif.-based company within the e-commerce fulfillment market and supply-chain services sector.
The transaction is expected to close by the end of 2013. Shipwire will function as a subsidiary of Ingram and its leadership will stay in place.
Shipwire also marks the latest target for Ingram, which has been on a buying spree in recent months. In September, the company announced two purchases: Norcross, Ga.-based CloudBlue Technologies Inc. and Toronto-based SoftCom Inc. In 2012, it picked up Promark Technology, an Annapolis Junction, Md.-based company that focuses on data storage and management.