<article>Beijing-headquartered online retailer LightInTheBox Holding Co., Ltd. has announced the acquisition of Singapore-based cross-border e-commerce platform Ezbuy for $85.55 million.</article>

Beijing-headquartered online retailer LightInTheBox Holding Co., Ltd. has announced the acquisition of Singapore-based cross-border e-commerce platform Ezbuy for $85.55 million.
Founded in 2010, Ezbuy boasts more than 3 million customers from Singapore, Malaysia, Indonesia, Thailand and Pakistan and curates products from Mainland China, Taiwan, the US, South Korea, Malaysia and Singapore. Its competitors in Southeast Asia include Alibaba-backed Lazada, Shopee and Qoo10.
Under the terms of the share purchase agreement, NYSE-listed LightInTheBox has agreed to acquire a 100 per cent equity stake in Ezbuy in the form of one-year interest-free convertible bonds.
Customary closing conditions include NYSE approval for the listing of the ADSs to be issued in connection with the transaction, the appointment of two new directors to Ezbuy’s board and the hiring of a new CEO.
“This transaction is part of our larger plan to build our B2C cross border e-commerce out to scale globally by enhancing the user experience and improving supply chain management and fulfillment capabilities,” said LightInTheBox CEO Zhiping Qi.
In May this year, Ezbuy had raised a $17.6-million pre-Series C round from investors including IDG Ventures, Ventech, Sky9 Capital, Vision Knight Capital and China Growth Capital. It had then said it plans to close a Series C round of financing this year.
It has previously raised $20 million in a Series B round led by Chinese private equity firm Vision Knight Capital in 2016.
LightInTheBox, which has seen its shares on a downwward spiral for the last few months, had a market capitalisation of $58.99 million as of Friday. On October 30, it disclosed receiving a notice from NYSE after the average closing price of its ADS remained lower than $1 over a consecutive 30-trading-day period. It now has six months to correct the deficiency.
Also Read:
<a style="color: #ff0000;" href="https://www.dealstreetasia.com/stories/singapores-ezbuy-raises-17-6m-in-pre-series-c-round-98471/">Singapore e-commerce platform Ezbuy raises $17.6m in pre-Series C round</a>
<a style="color: #ff0000;" href="https://www.dealstreetasia.com/stories/ezbuy-closes-20m-series-b-round-35163/">Ezbuy closes $20m Series B round led by Shanghai PE Vision Knight Capital</a>

Founded in 2010, Ezbuy boasts more than 3 million customers from Singapore, Malaysia, Indonesia, Thailand and Pakistan.

NYSE-listed LightInTheBox acquires SG e-commerce firm Ezbuy for $86m

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NYSE-listed LightInTheBox acquires SG e-commerce firm Ezbuy for $86m

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