Mooring Systems founder sells firm to Trade Me
Christchurch entrepreneur Peter Montgomery has sold his Tradevine e-commerce management business to online trading platform Trade Me for an undisclosed sum.
The system helps big sellers on Trade Me keep tabs on their sales and invoicing.
Earlier this year Montgomery said he had spent several million dollars on setting up the business, designed to make online selling of multiple items easier.
Tradevine's software links with Trade Me website software, allowing the Christchurch-based team to help track multiple orders both through Trade Me and though the seller's own website.
Some Trade Me users are essentially online retailers. For example, importers of electronics goods use the site to help market and sell their goods.
Tradevine uses a cloud-based inventory management system. It was helping facilitate 150,000 listings per month, according to Trade Me.
"So we have a whole range of companies as customers, ranging from The Warehouse down to micros, using Tradevine software," Montgomery said.
He is well known in business circles as the founder of Mooring Systems, which became NZX-listed company Cavotec MSL through the merger with northern hemisphere company Cavotec. That company has now left the NZX for a listing in Stockholm.
Montgomery sold all his shares in Cavotec MSL.
Now he has plans to again create a startup company in the software-information technology space.
Trade Me announced the acquisition of Tradevine at the release of its annual result on Wednesday, saying it was another step towards providing a compelling proposition to sellers and retailers.
Tradevine provided sellers with an efficient way to list on Trade Me, through automation of merchandising and sales activities, inventory management and sales reporting, the listed company said.
The Tradevine staff based at Sheffield Cres would become part of the Trade Me marketplace team, boosting Trade Me's fledgling presence in Christchurch, where it opened a small office a couple of months back.
- © Fairfax NZ News