Original URL: http://www.theregister.co.uk/2011/09/21/buyster_buyout/
Aussie e-com start-up buyster gets bought
US e-tailer Wayfair in dotcom deal
Australian e-commerce start-up buyster.com.au has been snapped up by US home goods e-tailer Wayfair for an undisclosed sum.
Founded in January 2009, buyster is an online home goods retail store featuring over 35,000 products from 600 brands. The company launched as a JV between Rupert Murdoch backed technology investment company Netus and CSN Stores, the owner of Wayfair.
buyster Managing Director Kylie Little said that the increasing investment from Wayfair will allow the fledgling company to grow its range and international reach. The outfit plans to double its customer service team immediately and add more buyers to the mix – all from local Australian candidates. buyster also partners exclusively with Australian suppliers, around 400 currently and plans to add to that list of local suppliers on an ongoing basis.
“buyster is now a significant e-commerce business in Australia, growing at a fast rate with a strong local team,” said Netus Chairman Daniel Petre. “It leverages the world-class platform and innovative business model of Wayfair. As a result, there are significant synergies for Wayfair in fully integrating buyster into its global operation, now that the startup is well established. We are proud of the achievements of the Buyster team and look forward to the ongoing success of Buyster in the Australian market.”
Wayfair would not confirm how much Netus sold its 50 percent shareholding for but said it had received $US165 million in institutional funding in June, which allowed them to pursue the buyout.
Wayfair, which expects to surpass the $US500 million mark by the end of 2011, now has three locations in the US as well as international offices in Galway, Ireland, London, Munich and Sydney. ®