China based LightInTheBox is set to acquire Singapore based EZbuy for $85.55 million which is a cross border e-commerce platform. EZbuy was founded in 2010 and it curates products from China, Taiwan, the US, South Korea, Malaysia and Singapore. EZbuy serves more than 3 million customers from Singapore, Malaysia, Indonesia, Thailand and Pakistan. Some of the competitors of EZbuy are Lazada, Shopee and Qoo10.
LightInTheBox is set to acquire 100 percent equity stake in EZbuy in the form of one-year interest-free convertible bonds. Two new directors will be appointed to EZbuy’s board and it will also get a new CEO. Other customary closing conditions include NYSE approval for the listing of the ADSs to be issued in connection with the transaction.
According to LightInTheBox CEO Zhiping Qi:
“This transaction is part of our larger plan to build our B2C cross border e-commerce out to scale globally by enhancing the user experience and improving supply chain management and fulfillment capabilities.”
EZbuy raised $17.6 million pre-Series C round from investors including IDG Ventures, Ventech, Sky9 Capital, Vision Knight Capital and China Growth Capital this year. In 2016, EZbuy also had raised $20 million in a Series B round led by Chinese private equity firm Vision Knight Capital.
Founded in 2007, LightInTheBox operates as an online retail company worldwide and the company provides apparel products, including customized, special occasion, and fast fashion apparel products; and other general merchandise products, such as accessories and gadgets, home and garden products, electronics and communication devices, and other products. Headquartered in China, LightInTheBox also offers its products through lightinthebox.com, miniinthebox.com, ouku.com, and other Websites, as well as through mobile applications; and sells its products through online marketplace platforms. LightInTheBox employs around 619 employees worldwide.
Founded in 2010, EZbuy owns and operates an online marketplace for apparel, home furniture, home furnishing products, home and outdoor decor, toys, shoes and accessories, sporting goods, beauty and healthcare products, mobiles and electronic items, automotive, and office and stationery products. EZbuy is headquartered in Singapore.