Wayfair Taps Sizable War Chest for International Expansion
Wayfair, an online housewares and furnishings store, is using some of the $165 million it recently raised to make its first acquisition.
The Boston-based company, formerly known as CSN Stores, has acquired Australian online home goods retailer Buyster.com.
Wayfair already owned 50 percent of the company, but now will own the entire thing. Terms of the deal were not disclosed; Buyster had fewer than 20 employees.
Similar to Wayfair, Buyster sells an array of housewares, ranging from rugs to lighting to items for pets. Wayfair expects to continue expanding in the U.S. and internationally, including the U.K. and Germany.
The nine-year-old Wayfair, which raised its first round of funding in June, expects to exceed $500 million in revenues by the end of the year.
At the beginning of the month, the company, which was operating a number of different sites such as Cookware.com, Luggage.com and Strollers.com, started consolidating the various sites under one main heading, Wayfair.com, which is now a superstore, spanning bed and bath, baby and kids, and home improvement. The company also operates AllModern.com, which targets people interested in modern design; and JossAndMain.com, a flash sales site.