Followprice acquired PepFeed, a tech start-up based in the north of Portugal. With this acquisition Followprice greatly increases its technological capabilities, integrating a team that with the skills and expertise developing technology for e-commerce.
This is actually something rare in Europe – an acquisition of a start-up by another start-up – and definitely something new happening in Portugal.
According to João Leitão, the CEO of Followprice, “in the global context we are living, there is a sense of urgency in everything we do, being fundamentally important to be quick to react and innovate, and in our vision, a great factor for success”. João is “very satisfied with this deal and optimistic about the future of the company”.
Followprice is a universal solution for consumers to quickly save products and track their prices and availability, offering ecommerce businesses a lead capture and retargeting tool that results in more sales and happy customers.
Along the last 3 years PepFeed, which was invested by Portugal Ventures and SkyBusiness, launched big data solutions to inform consumers on their purchasing decisions regarding technology products. PepFeed’s technology automatically matches millions of products with content all over the web. With PepFeed’s browser extension shoppers, while browsing a product on any online stores, shows relevant reviews of that specify product from thousands of sources.
Daniel Loureiro, the CEO of PepFeed, stated that “we understood that we wanted to develop more technologies in the space were Followprice is already working on, and given the complementary aspect of both teams, it became very obvious that a this would be the right track.”
The experience and excellent work already developed by the young engineers at PepFeed was valued by Followprice, which believed that the synergies between the two companies would allow a greater and more rapid growth than standing on their own.
The CTO of Followprice, João Andrade, sees in this business “a very happy marriage”, and Joel, a software engineer from PepFeed is “happy with this deal and very enthusiastic about what they can achieve together”.
This is the first acquisition of Followprice, being at the same time the first exit for the founders of PepFeed. Followprice now has 350 online stores in 20 countries as clients, and counting with a rapidly growing mass of 150.000 registered users following products with their technology.
This business had the blessing of Portugal Ventures, which was the fund investing in both companies.
Surprisingly, two of the most important clients of Followprice are based in Hong Kong, however Portugal still represents 30% of the operation. Situation that will invert very quickly.
In the last 12 months Followprice accounted for more than 1,8 million euros in extra sales for their e-commerce clients. With the integration of the new team, Followprice aims to achieve in 2017 a volume of provided sales to their clients of 25 million euros, “helping consumers to shop what they want, when they want, and at the price they are willing to pay.”