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Alibaba has struck a deal with New York-based OpenSky, a social shopping marketplace, in which 11 Main’s operations will be folded into OpenSky, along with Auctiva, Vendio, and SingleFeed — three other U.S. companies that Alibaba acquired between 2010 and 2011 that provide logistics and fulfilment services for 11 Main. As a result of the transaction, Alibaba will become a 37 percent owner of OpenSky.
“OpenSky and 11 Main will be joining forces, and we believe together the combined business will be a strong and healthy independent company in which Alibaba will continue to have a significant equity stake,” a spokesperson told us in a statement. The combined business, Alibaba says, will have inventory from 50,000 brands and “millions” of shoppers. “This joining of forces will help drive sales worldwide and better deliver on the mission to empower SMB brands to reach and sell to consumers.” Alibaba Expansion Into US Market Remodelled [techcrunch.com]