Accel Partners-backed e-commerce company Jet.com has agreed to be acquired by Walmart in a $3 billion all-cash deal, according to Walmart’s SEC filing.
This is the second largest exit for Accel Partners under the company’s co-founder and CEO Marc Lore, who previously founded Quidsi and later sold it to Amazon for $545 million in 2010. Accel Partners was invested in Jet.com’s Series A round and Quidsi’s Series C and E rounds, in addition to debt financing.
Other notable investors set to benefit from the Jet.com deal are Alibaba Capital Partners, Bain Capital Ventures, Citi Ventures and Goldman Ventures, according to CrunchBase records.
The deal comes at a time when e-commerce rival Amazon.com dominates the market, and Walmart looks to aggressively cement a foothold against the online retail giant.
“We’re looking for ways to lower prices, broaden our assortment and offer the simplest, easiest shopping experience because that’s what our customers want,” said Doug McMillon, president and CEO, Wal-Mart Stores, Inc, in a press release. “We believe the acquisition of Jet accelerates our progress across these priorities. Walmart.com will grow faster, the seamless shopping experience we’re pursuing will happen quicker, and we’ll enable the Jet brand to be even more successful in a shorter period of time. Our customers will win. It’s another jolt of entrepreneurial spirit being injected into Walmart.”
Walmart and Jet will maintain distinct brands, with Walmart.com focusing on delivering the company’s Everyday Low Price strategy, while Jet will continue to provide a unique and differentiated customer experience with curated assortment. Walmart and Jet will leverage innovative technology solutions from both companies to develop new offerings to help customers save time and money.
A portion of the $3 billion deal will be paid to Walmart over time. Additionally, $300 million of Walmart shares will be paid over time as part of the transaction.
This is the second largest exit for Accel Partners under the company’s co-founder and CEO Marc Lore, who previously founded Quidsi and later sold it to Amazon for $545 million in 2010. Accel Partners was invested in Jet.com’s Series A round and Quidsi’s Series C and E rounds, in addition to debt financing.
Other notable investors set to benefit from the Jet.com deal are Alibaba Capital Partners, Bain Capital Ventures, Citi Ventures and Goldman Ventures, according to CrunchBase records.
The deal comes at a time when e-commerce rival Amazon.com dominates the market, and Walmart looks to aggressively cement a foothold against the online retail giant.
“We’re looking for ways to lower prices, broaden our assortment and offer the simplest, easiest shopping experience because that’s what our customers want,” said Doug McMillon, president and CEO, Wal-Mart Stores, Inc, in a press release. “We believe the acquisition of Jet accelerates our progress across these priorities. Walmart.com will grow faster, the seamless shopping experience we’re pursuing will happen quicker, and we’ll enable the Jet brand to be even more successful in a shorter period of time. Our customers will win. It’s another jolt of entrepreneurial spirit being injected into Walmart.”
Walmart and Jet will maintain distinct brands, with Walmart.com focusing on delivering the company’s Everyday Low Price strategy, while Jet will continue to provide a unique and differentiated customer experience with curated assortment. Walmart and Jet will leverage innovative technology solutions from both companies to develop new offerings to help customers save time and money.
A portion of the $3 billion deal will be paid to Walmart over time. Additionally, $300 million of Walmart shares will be paid over time as part of the transaction.