Top Chinese e-commerce firm Alibaba.com, plans to buy Vendio Services Inc, making its first major U.S. acquisition to further its strategy of expanding its global footprint.
Founded by entrepreneur and former schoolteacher Jack Ma, Alibaba.com wants to increase its presence in US and India.
Vendio offers the same Internet business services in the United States as Alibaba. Alibaba.com is the listed unit of the Alibaba Group, of which Yahoo owns nearly 40 percent.The start-up already hosts services for 80,000 small U.S. businesses, which can now link into Alibaba's network of buyers and suppliers.
With this acquisition, merchants can source products from Alibaba.com's trusted supplier network and sell through channels such as eBay, Amazon, and their own Vendio-supported store, right from the Vendio Platform.
Terms of the deal were not disclosed.
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Chinese Alibaba.com to buy U.S. e-commerce site Vendio
Chinese Alibaba.com to buy U.S. e-commerce site Vendio
Anil Singh
Saturday, June 26, 2010
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