India’s largest e-commerce marketplace, the Walmart-backed giant Flipkart, announced Tuesday it has acquired Israeli retail analytics startup Upstream Commerce, Indian financial news organization BloombergQuint reports.
While no official financial details were disclosed at the time of the announcement, Globes reports that sources close to the buyout say the deal closed for about $30 million.
According to a statement from the Indian company, Flipkart will now have access to advanced data science-based intelligence solutions through the acquisition and will strengthen its ability to deliver insights to its sellers.
While Upstream will continue to work out of its office in Tel Aviv, it will become Flipkart’s development center in Israel.
Upstream was founded in 2010 by Amos Peleg and Shai Geva, the company’s current CEO and CTO. The company, which has offices in both Tel Aviv and New York, provides cloud-based, automated pricing and product analytics solutions for online retailers.
“We are excited to become a part of India’s largest e-commerce player,” Peleg said, “During our discussion, as we got to know more about Flipkart, we realized that we share the same passion for technology, and the same vision for the contribution of data science to the future and success of online retail. The choice and vision of Flipkart to establish its presence in Israel through acquiring Upstream Commerce is a significant vote of confidence in the company’s team, technology and domain expertise, and are looking forward to help growing the presence of Flipkart in Israel.
Flipkart CEO Kalyan Krishnamurthy adds, “With the Upstream acquisition, we’ll now have tech and talent presence across Asia, U.S. and Israel, some of the key global hubs for innovation. We are also looking forward to making Israel one of our excellence centres to do cutting edge data science work.”