What happened: Vancouver-based Elastic Path is acquiring a fellow e-commerce tech company
Why it matters: Deal gives the software firm new offices in Boston and the U.K.
A Vancouver firm specializing in e-commerce technology is bolstering its global reach with the acquisition of an American tech company.
Elastic Path Software Inc. announced Monday (January 13) it’s the proud new owner of Moltin Ltd.
Moltin, which also specializes in e-commerce tech, has offices out of Boston and Newcastle in the U.K.
“It really helps us accelerate our strategy around helping businesses really create more unique and engaging customer experiences that go just way beyond web stores and mobile apps,” Elastic Path CEO Harry Chemko told Business in Vancouver.
He said Moltin’s existing library of pre-built applications would allow his company to offer mobile self check-out in stores — similar to how Amazon Go grocery stores operate — and check-out support for pop-up events.
“Before, they were reserved for companies who could afford very large implementations,” the CEO said.
Terms of the deal were not disclosed but Chemko said Elastic Path would be adding about two-dozen workers as a result of the acquisition, including two Moltin executives who will be joining his company’s senior leadership team.
The combined company now boasts a workforce of 219 employees.
Elastic Path opened a new office in Toronto in 2018 amidst a Series B funding round that raised $43 million, bringing its total investment tally to $63 million.
And a few month prior to that the company revealed it had been experiencing 100% year-over-year growth in Europe, where customers included the telecommunications company Swisscom AG and French electronics retailer Boulanger.
“We’re solidly in growth mode right now. We’re continuing to invest in our strategy around making things quicker and easier for large businesses to create great customer experiences,” Chemko said.
“There’s a real opportunity in this market that we think we’re pretty well positioned for.”