New York based online retailer Fab.com has acquired Pune based technology company, True Sparrow Systems for an undisclosed amount and is described as a cash and stock deal by the Economic times. True Sparrow was the technology backend for Fab.com since its start.
True Sparrow was founded in 2007 by Nishith & Deepa Shah who joined hands with Jason Goldberg, CEO and Co-founder of Fab.com and launched Fabulis, a social networking site. But when the social networking site did not generate much traffic, Goldberg changed the business to an eCommerce site for design centric product and renamed it as Fab.com.
True Sparrow and Fab have always been one team. And today, we are one company. Today is a new beginning. Today is a start of another remarkable journey with the Fab family,” quoted the True Sparrow portal as a message from Deepa and Nishith Shah.
Nishith on this acquisition said, “There might not be any example of an Indian technology partner as the cofounder of a US ecommerce company. It is exciting for the team to become Fab employees.”
Fab added a million users within 5 months of its start and has raised over $150 million from a clutch of investors, including venture capital firm Andreeson Horowitz, and Atomico, backed by Skype cofounder Niklas Zennstrom. Goldberg said the company is also on track to achieve $150 million in sales this year.Category Investments News Technology