Update On :09 May 2015
Online fashion e-tailer Myntra has acquired Bengaluru-based mobile application development platform Native5, a move that goes with its strategy to shift entirely to the mobile platform.
Native5, founded by technology professionals Kunal Abhishek, Manish Priyadarshi, Barada Sahu and Shamik Datta in 2011, has developed a cloud platform to create and distribute mobile apps across smart phones, tablets and desktops. Sources told TOI that it's an acqui-hire; in other words, Myntra is acquiring Native5 for its talent, and not so much its product.
The size of the deal could not be ascertained. All three co-founders will be absorbed into the Flipkart technology team. Flipkart acquired Myntra for $330 million in May last year.
Myntra did not directly respond to a question on the Native5 acquisition, but Pooja Gupta, VP, human resource at Myntra, said: "We are always on the look-out to acquire companies that can add value to our business - however, we are very particular that the entity/business being considered makes not just business sense but ties in with our culture and value proposition."
Native5 was incubated at Microsoft Accelerator in 2013 and it was a part of the Nasscom 10,000 Startup programme the same year. The venture was one of the finalists of Qualcomm's QPrize in 2012. iSpirt, the software products think-tank, is said to have facilitated the deal. Sanat Rao, partner M&A in iSpirt, declined to comment.
Previously, in 2012, Myntra acquired Exclusively, which had a private label brand, and in 2013, it acquired Fitiquette that developed an in-store dressing room experience akin to a virtual fitting room for shoppers to try-on clothes online.
News Source From : http://timesofindia.indiatimes.com/
Image Courtesy : timesofindia.indiatimes.com