E-commerce start up Fab.com has made its first overseas acquisition in an effort to go global. The company has announced that it is taking over Germany based Casacanda GmbH in an all stock transaction.
With this acquisition, the market evaluation of Fab.com has touched the $10 million mark, according to a The Wall Street Journal report.
Jason Goldberg - the Fab.com chief executive stated that once the deal was closed Casacanda's website will resurface on the Web as Fab.de. Experts are of the opinion that the acquisition will allow the company to expand into newer territories helping it strengthening the foothold in the online shopping industry at a much faster pace.
"The opportunity is global and we decided, ‘Let's do this fast before the copycats come in and take what is rightfully ours,'" Goldenberg stated. "There's definitely more challenges, but it's what we're signing up for," the CEO added.
Meanwhile, Goldenberg also hinted at raising a new workforce to look after the company's operations in Germany. The existing workforce of Casacanda will join the 170 employees of Fab.com giving it a strong workforce of 210 globally.