Jet.com has acquired home goods retailer Hayneedle as the online marketplace looks to expand quickly into new product categories.
Hayneedle is an online retailer that sells more than $350 million annually in home goods, including furniture. The company will continue to operate as a subsidiary in its hometown of Omaha, Nebraska.
The deal came about suddenly, according to Scott Hilton, Jet's chief revenue officer.
"It was purely opportunistic," he told the New York Business Journal. "We've been looking at Hayneedle for a while, and their business fit well with what we're trying to do. They have over 15 years of experience in the home space. If you look at their assets and their rich content, we view this as an opportunity to accelerate that knowledge together."
Jet launched in May and scaled up quickly, selling close to $2 million daily during the recent holiday season, according to the Omaha World-Herald.
The addition of Hayneedle and its collection of home furnishings and decor puts Jet in a better position to compete with online powerhouses in those categories such as Wayfair and Overstock, in addition to creating stronger merchant relationships in the new categories.
Jet's founder, Marc Lore, is also the founder of Quidsi, parent company of Diapers.com, which he sold to Amazon in 2010 for $545 million.
-See this Omaha World-Herald article
-See this New York Business Journal story
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