Online print business Moo.com has bought web building company Flavors.me from Hii Def Inc, as part of a strategy to expand its digital capabilities.
The all-cash deal sees Moo.com acquiring Flavors.me’s assets, including its IP, brand, customers and technology, in a move that has been described by founder and CEO of Moo.com Richard Moross – a Growing Business Young Gun – as “somewhat opportunistic”.
“We heard through the grapevine that this exciting company was up for sale, so we quickly got into contact with its owners,” he told Growingbusiness.co.uk
Already one of the world’s fastest growing online printers, with members across 200 countries, Moo.com will now be able to offer customers a virtual identity in addition to printable products.
Yet Moross, whose company was also selected among the Startups 100 in 2008 told Growingbusiness.co.uk that the latest acquisition has more to do with business strategy than the growth of the company: “The company is growing quickly anyway, we’ve been live for about six years now, we’ve grown hundreds of per cent since then.
“This is much more about strategy than it is about revenue growth or user growth at this point. This is about us having a product that is relevant to the future.”
Flavors.me allows customers to showcase themselves through email, mobile, social networks and the web and will initially appear as a standalone product. Yet Moross plans to slowly merge the two in the future and make the product more accessible to “less tech savvy” customers.
Having completed this significant acquisition, Moross is looking to the future of Moo.com: “We don't currently have acquisition targets in mind, but as with the somewhat opportunistic acquisition of Flavors, we're always interested in strategically-aligned investments that will help us realise our vision faster or more comprehensively.”