Muloot, an e-commerce business growth agency, announced it has acquired Pivot International, an outsource marketplace services organisation, to enhance its multi-layered global expansion services for marketplaces and marketplace merchants.
The acquisition will enable Muloot to capitalise on the growing e-commerce marketplace economy, which has seen global sales increase from $1.34 billion in 2014 to $3.54 billion USD in 2019.
Muloot is one of a kind in Europe as it provides banking services, marketplace onboarding, accountancy, VAT registration and filing of returns, as well as a market-leading trade finance and lending platform services for e-commerce and marketplace specific businesses. The integration of Pivot’s marketplace channels, local knowledge, cross-border expertise and client portfolio will empower Muloot to bring together global marketplaces and merchants. In turn, this will create considerable cost savings and enhanced business services for global e-commerce businesses trading between, and across borders.
Boosting sales post-Brexit
The co-founders of Pivot International, Neil Tunbridge and James Storie-Pugh, will assume leadership roles as joint Managing Directors of the new combined business, Muloot Group Limited. “With the intricacies of Brexit casting doubt on the business-sense of trading with the UK, Muloot’s acquisition of Pivot throws light on the post-Brexit shadow,” comments Neil Tunbridge. “By offering business enablement services and bringing together two forward-thinking and globally-aspirational companies, Muloot Group will enable both inward investment into the UK economy, as well as facilitating export growth for UK businesses, to give the economy a much-needed boost.”
Sophia Tsao, former Chief Marketplace Officer of Newegg, and Muloot client states: “With Newegg’s increasing vision to grow its marketplace platform into a global e-commerce destination for both customers and sellers alike, many challenges arose which proved to be difficult to navigate. With Pivot’s local knowledge, industry connections and cross-border e-commerce expertise, Newegg’s global expansion plans materialised and became the catalyst it is today, helping Newegg to achieve a high level of global trade volume and success. I have confidence that Newegg will see further benefits under the combined force with the Muloot Group.”
“As we add more marketplaces to our roster of international channels – currently standing at twelve, in multiple global territories, and more services that best suit the needs of the merchants selling on these marketplaces, Muloot Group Ltd will constantly evolve and iterate the services offered,” adds James Storie-Pugh. “It is likely that we will add warehousing and fulfilment services to the current service proposition in 2020, as well as likely building marketplaces of our own.”