Singapore-based ecommerce startup Shopmatic has acquired Taiwanese Ruby on Rails technology company 5xRuby, it announced today.
The deal was a combination of cash and shares, Shopmatic CEO Anurag Avula tells Tech in Asia, although he doesn’t disclose the amount.
5xRuby was established in 2014 as a community of Ruby on Rails developers who wanted to spread their coding message in the region. It provides consulting, training, and development services.
Shopmatic provides ecommerce services to small businesses. It helps them set up an online shop, lists the seller’s products on sites like eBay, Amazon, Flipkart, and Lazada, and provides tools for analytics, inventory management, and logistics.
Founded by former PayPal staffers Anurag Avula, Yen Lim, and Kris Chen, the startup wants to solve the problem of small merchants who find it daunting to bring their business online. Its core user base is currently in India.
Partnering with 5xRuby is meant to improve Shopmatic’s tech and give the company an established platform development team. Anurag says 5xRuby’s team team will now be part of the Shopmatic Group but will continue operations in Taiwan “with its own identity, purpose, culture, and independence.”
Anurag doesn’t reveal any figures on the company’s traction. In the coming year, Shopmatic plans to expand to more markets. He mentions Indonesia, the Philippines, and Thailand as examples of countries where the startup could bring value to merchants.
“This acquisition will enable us to scale and enter new markets at a faster pace,” says Anurag in a statement.
“We are excited to team up with Shopmatic to strengthen its online platform with our elegant, fun and productive language so that their merchants can focus on growing their business,” adds Eddie Kao, co-founder of 5xRuby.