Thursday, June 13, 2024

GigaCloud Technology Inc Announces Acquisition of Wondersign

GigaCloud Technology Inc, a pioneer of global end-to-end B2B ecommerce solutions for large parcel merchandise, announced that it has completed the acquisition of a 100% equity interest of Apexis, Inc., a Florida corporation dba Wondersign (“Wondersign”), for a total cash consideration of $10.0 million, subject to customary purchase price adjustments. Wondersign is a cloud-based interactive digital signage and e-catalog management SaaS company headquartered in Tampa, Florida with access to thousands of storefronts across the United States through its customers. Wondersign develops and maintains “Catalog Kiosk,” a leading digital catalog software that allows retailers to display an endless aisle of products and better connect with omni-channel shoppers.

“We are thrilled to announce this acquisition of Wondersign, which brings together our technology-driven GigaCloud Marketplace with the expertise and extensive network of Wondersign, further accelerating our reach to brick-and-mortar retail stores. One of the key strategic advantages of this acquisition is the ability for us to launch an exciting new solution, the GIGA IQ™ package, our new innovative solution package which is expected to enhance the transaction experience for both users on our GigaCloud Marketplace and traditional retail customers from brick-and-mortar stores,” said Larry Wu, Founder, Chairman, and Chief Executive Officer of GigaCloud.

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Starting with Wondersign’s Catalog Kiosk, the GIGA IQ™ package is expected to be equipped with additional modules to enable interactive personalized product recommendations. Other valued-added functions, such as seamless products search and transaction on the kiosk, would allow customers to effortlessly find and purchase products from GigaCloud Marketplace through the integrated system. The Company’s goal is to make GigaCloud Marketplace a customer-facing and seamless platform, providing a user-friendly experience for both platform participants and retail store customers.

“With access points to approximately 2,500 storefronts through its customers, Wondersign significantly broadens our reach to the physical retail stores nationwide,” said Iman Schrock, President of GigaCloud. “This strategic acquisition opens new avenues for our marketplace, providing enhanced access to our extensive online catalog. We believe the combination would empower retailers to efficiently manage their supply chains, ultimately boosting transactional effectiveness and contributing to the overall enhancement of the ecosystem. The integration of Wondersign’s catalog management tools positions us to capitalize on substantial opportunities within the brick-and-mortar retail landscape.”

GigaCloud Technology Inc is a pioneer of global end-to-end B2B ecommerce solutions for large parcel merchandise. The Company’s B2B ecommerce platform, which it refers to as the “GigaCloud Marketplace,” integrates everything from discovery, payments and logistics tools into one easy-to-use platform. The Company’s global marketplace seamlessly connects manufacturers, primarily in Asia, with resellers, primarily in the U.S., Asia and Europe, to execute cross-border transactions with confidence, speed and efficiency.

SOURCE: GlobeNewswire

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