EBay (NASDAQ:EBAY) announced the purchase of second-hand clothing e-retailer Twice. The deal to acquire the company's core technology comes at the same time that eBay began separately trading from its former PayPal unit.
Twice's co-founders and 10 technical staff members will join the eBay team, CNet reported. Its separate business operations and website will shut down at the end of July when the acquisition is set to close.
Twice, founded in 2012, is a resale website for amateur online sellers. Like an online consignment store, it lets people send the company clothing, and in return, the seller gets payment upfront. Twice is then in charge of photos and resale.
EBay will use the technology to power Valet, its new service that allows users to send collectibles, electronics and more to eBay for the company to put up for sale. And as of last month, Valet got into the apparel division.
"With billions of dollars worth of unwanted and unused items in people's possession, eBay is focused on unlocking the value of that inventory," eBay's VP of seller experience, Jordan Sweetnam, said in a statement.
A busy month for eBay, the company announced last week that it would sell its Enterprise business for $925 million. The Enterprise unit, which develops online shopping sites for physical stores, retains clients such as Sports Authority, L Brands, Ascena Retail Group, PetSmart and Ikea.
-See this CNet article
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