Jet.com, the online marketplace challenging Amazon, has been doing a little bit of shopping of its own. Jet, which has raised more than $700 million and is valued at about $1.5 billion, has acquired the home furnishing e-retailer Hayneedle.
Terms of the deal were not disclosed but with the Omaha-based company Jet.com will instantly become a major online player in the home goods market.
Hayneedle generated $350 million in revenue in 2015 and with the purchase Jet.com will get an immediate home goods inventory and expertise, as well as Hayneedle´s existing customer base.
Adding a Couple Million Products
Jet, which launched in July 2015, carries more than 7 million SKUs from various retail chains and with the addition of Hayneedle the company says it will be able to add "a couple million" more products to its site.
Jet.com plans to keep Hayneedle operational as a subsidiary as well as its roughly 500 employees, who are primarily located in Omaha, with about 100 of them spread across fulfillment centers in Ohio and California.