E-commerce firm Shopmatic buys brick-and-mortar retail solutions specialist Octopus

Singapore

LOCAL e-commerce solutions startup Shopmatic is acquiring brick-and-mortar retail solutions specialist Octopus Retail Management as it pursues an omnichannel strategy.

Shopmatic co-founder and CEO Anurag Avula told The Business Times that through a cash and share swap, Shopmatic Holding now owns a 50.1 per cent stake in Octopus. Shopmatic Holding wholly owns Shopmatic Pte Ltd, the operating entity. Mr Avula declined to reveal the size of the deal.