The Aussie based same-day flower delivery service seems stoked with the deal.
๐ Background: LVLY is an Aussie same-day flower delivery service founded back in 2015. Its deliveries arrive in glass jars packed in boxes with lovely slogans on them... geddit? ๐
๐ What happened: The company has just been acquired by Limitless Technology, a Kuala Lumpur based e-commerce group that likes to acquire brands in the direct-to-consumer space. Oh, and just for a cool $35 million.
๐ What else: This acquisition is a pretty hot way for Limitless to build its business even more, before a planned IPO later this year.
๐ก When companies prepare for an IPO, they're essentially walking into the investor colosseum. Often, they need to bulk up ๐ช to look appealing and fend off competitors. This often means acquiring other companies.
๐ก Acquiring other companies can help increase the company's market share and broaden the company's product offerings, which should mean its performance is less volatile.
๐ก For Limitless Technology, acquiring LVLY broadens its current brands across flowers, gifting and confectionary. It's a smart move from Limitless... and good news for this female-founded, Aussie-grown business ๐ท.
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