IdoSell CEO Paweł Fornalski announced that this transaction may be the beginning of the consolidation of store platforms in Central and Eastern Europe.
IdoSell – the provider of a platform for running large online stores – concluded an agreement on July 22 to acquire a majority stake in the Hungarian store platform Shoprenter, the company said. The value of the transaction has not been disclosed. IdoSell CEO Paweł Fornalski announced that this transaction may be the beginning of the consolidation of store platforms in Central and Eastern Europe.
“E-commerce in the European Union is consolidating very strongly. This means that an online store from one country is increasingly selling to other EU countries. Such a model functions more and more often in the environment of payments, couriers, logistics and traffic building. We already have separate Google products for the European Union, there are sales websites that operate throughout Europe. Until recently, store technologies were quite local. It is changing now. So you need a scale of companies that will leverage service in the SaaS model. “- said Fornalski in an interview with ISBnews.
He pointed out that on the European market, online stores often have to compete with powerful entities – sales websites that make gigantic investments in the EU. Single e-shops find it harder and harder to deal with them.
Fornalski declared that the acquisition of a majority stake in Shoprenter is a step towards European expansion for IdoSEll.