Updated: update here
eBay Inc. (NASDAQ: EBAY) today has reached into an agreement to acquire Terapeak, Inc. a Toronto and Victoria based company that uses supply, demand and pricing data to help ecommerce sellers know what to sell, when to sell it and at what price on marketplaces such as eBay. Financial terms of the deal were not disclosed.
Founded by brothers, Andrew and Anthony Sukow, Terapeak is led by Toronto based CEO Kevin North.
Formerly known as Advanced Economic Research Systems Inc., Terapeak, now a Deleware company, has raised $7 million in funding with $4 million from Georgian Partners Growth Fund I in December 2010.
Upon the close of the transaction, eBay will begin integrating certain functionality from Terapeak into its Seller Hub. Terapeak’s employees will continue to be based in Toronto, Ontario and Victoria, B.C.
The transaction is expected to close before the end of 2017, at which time Terapeak’s employees will report into eBay’s Bob Kupbens, Vice President of B2C Selling, or Sunil Rajasekar, Vice President of Seller Experience.
Terapeak’s Seller Hub brings valuable insights from eBay’s vast array of data directly to its sellers to help them manage and grow their business in one place – making professional selling on eBay easier. The user-friendly interface enables sellers to manage their inventory and orders, access valuable performance insights, identify opportunities for growth and take advantage of ways to get their products in front of the right buyers faster and more efficiently.
“Nearly two million sellers currently manage their eBay business on Seller Hub. Expanding Seller Hub to provide additional capabilities from Terapeak will help our sellers be even more successful and enable them to more effectively manage their businesses on eBay,” said Kupbens. “We are committed to being the best partner to our sellers as we look to create the most powerful selling platform. The integration of Terapeak’s functionalities into Seller Hub – from sales history and performance enhancement opportunities to price guidance and comparisons – will continue to help eBay’s merchants scale their businesses on eBay.”
“eBay’s planned acquisition of Terapeak makes so much sense for everyone involved, particularly for our customers,” said North. “We are excited to continue our vision of empowering merchants to discover what to sell on eBay and how to optimize their listings for maximum performance. Over time Terapeak’s capabilities will become naturally integrated with eBay’s Seller Hub, therefore becoming more robust and providing merchants with a single place to manage and elevate their ecommerce business.”
photo credit: Terapeak