June 30, 2021 |
US online marketplace Etsy said it has agreed to buy Brazilian e-commerce company Elo7 for $217 million to establish a presence in Latin America.
"This transaction will establish a foothold for us in Latin America, an underpenetrated e-commerce region where Etsy currently does not have a meaningful customer base," Etsy CEO Josh Silverman said in a press release on Monday.
Elo7's current run rate for gross merchandise sales (GMS) and revenue is not expected to have much of an effect on Etsy's top
US online marketplace agrees to buy e-commerce company Elo7 for $217 mln