RIO DE JANEIRO, BRAZIL – Locaweb has announced another acquisition. The company bought Bagy, an e-commerce platform focused on social commerce which allows people to create virtual stores, connect them to their social networks and other marketplaces and start selling.
The platform boasts 13,500 active users and targets small and medium-sized businesses, online influencers and individuals to have a retail presence.
“For some time I have been following the power of social commerce as a driver of online sales, particularly in China, which is more established in this market. Now, I am very proud to announce the acquisition of Bagy, a reference platform in social commerce in Brazil,” said Locaweb’s CEO Fernando Cirne.
According to Locaweb, the goal is to strengthen its presence in this market segment, with an eye to a potential future similar to what is occurring in other countries. In China, for one, this market handled US$200 billion in 2020 and should double in size by next year.
Locaweb is in an acquisition frenzy. In the last quarter in 2020, the company invested R$322 million in 5 companies it acquired during the period, such as Social Miner, Etus, and Vindi, the latter being the largest.
Its appetite continued this year, after the company bought management software Bling for R$524 million in April.
Source: Exame