Asendia has acquired the remaining stake in Irish ecommerce company EShopWorld, in a transaction believed to value the Swords-based venture at more than €1bn.
The company upped its 40% stake acquired in 2013 to 50% in 2017, in a deal that valued the expanding company at €300m.
The company connects premium brands – from lingerie brand Victoria’s Secret to sportswear giant Nike – with consumers in more than 200 countries.
It claims to make it easier for retailers to sell across borders, where they deal with varying currency, tax and localisation issues.
Founded by Tommy Kelly in 2010, the firm has been targeting revenues of €1bn and is hoping to double that over the coming years.
“This is a significant endorsement of EShopWorld’s growth, sustainability and success in embracing the structural shift in favour of online shopping. The recently-concluded transaction marks a deepening commitment by Asendia, who have been a highly supportive partner and provider of complementary ecommerce services,” said Mr Kelly.
Turnover at the company rose by more than a third to €543.6m in 2019, with revenues soaring last year on the back of the Covid-19 crisis. Financial figures for 2020 have yet to be published.
The company employs more than 500 people, the majority of them at its headquarters in north Dublin.