Consumer, Retail Companies Scramble to Buy Tech Startups
According to a mid-year review by the PricewaterhouseCoopers’ deals team, purchases of tech startups by the consumer and retail industry has accounted for around 32% of cross-sector deals involving tech.
Some of the more notable acquisitions this year was Nordstrom’s purchase of a sales communications platform called BevyUp and a brands-to-customer texting service called MessageYes. Meanwhile, Gannett announced last May that it will be buying cloud-based digital marketing company WordStream for $130 million.
PwC’s U.S. deals solutions leader and China inbound deals leader Curt Moldenhauer says that an increasing number of larger convergence deals that continue to blurring industry lines can be expected in the near future.