The Facebook e-commerce platform Payvment has undergone a huge makeover in the last two days. First, the news emerged that the company was shuttering its operations and handing over its 200,000 merchants to the rival, Ecwid. Now, it has transpired that Intuit has acquired the team, technology and patents of Payvment.
Facebook commerce, or more commonly known as f-commerce, has become a rather popular domain of online commerce. However, despite the fact that Facebook has a huge audience, sales triggered by advertisement on the social network have shown little progress. Users often tend to like, comment or share stuff more often than actually buy something right off Facebook.
So while Payvment registered a significant growth ever since its launch, apparently the company wasn’t doing good enough. Its Russian rival, Ecwid, on the other hand, had shown solid growth and promising sales in recent months. Payvment recently decided to do away with its own venture altogether, handing over the 200,000 or so merchants it has to Ecwid in an open bid.
The company itself, including the team, the technology as well as the patents, was acquired by Intuit. Intuit is apparently quite happy with the acquisition. “Intuit has acquired a team of highly skilled developers who will be of great value to the social teams at Intuit,” the company said in a statement.
Thankfully, Payvment’s exit strategy has left its customers fairly safe from any damage. Ecwid is quite happy at securing some 200,000 new merchants and has dished out a statement referring to the bid, “We participated in this auction with some other undisclosed companies, won, and now we made it possible for Payvment’s customers to not suffer from them closing down the Facebook storefronts.”
In all, the changes for all three of the companies are such that each has turned out a winner. Ecwid has expanded its already well-progressing f-commerce platform, Intuit has secured excellent resources which will help it bolster the small businesses finance domain it currently caters to, and Payvment has been able to get great value in return for all of its resources.