Published On: Mon, Aug 8th, 2016

Wal-Mart Acquires For $3bn

Wal-Mart Stores Inc. is learned to be acquiring internet retailer for a deal amount of about $3 billion.

Until now the world’s biggest traditional retailer has acquired fifteen startups to pave way for an e-commerce startup to make itself a dominant player on the internet and narrow down the massive gap with Amazon.

Until now the online division of Wal-Mart has not performed satisfactory. It has been far below the expectations resulting with slowest growth.

Wal-Mart Acquires For 3bn

Meanwhile, the is a new company. It was founded a year ago in July 2015 and comes equipped with a software that offers lower prices to the customers amid adding items to the shopping carts.

Wal-Mart is looking ahead to implement the software in its main website and keep as a separate entity.

Chief Executive Doug McMilon said, “One of the things we really like (about Jet) is that the customer is even more in-charge of the price that they pay.”

He added Wal-Mart need some time too in getting the software and design components from and so in the short-term both the brands will run separately. was founded by internet entrepreneur Marc Lore and he will henceforth run the new US e-commerce business.

Lore is a renowned name for cofounding Quidsi, which is the owner of several sites including and was sold earlier to Amazon.

About the Author

- Paul Linus is an eminent online journalist who has been writing news, features and editorials on different websites from across the world for about a decade.