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

The combined entity is projected to achieve a revenue of S$10 million in FY2019, as well as a gross merchandise value of more than S$2 billion.