Amazon wipes up diapers for $540 mnBy DPA, IANS
Monday, November 8, 2010
SAN FRANCISCO - Amazon.com has swooped up the company that owns the website diapers.com for $540 million, the web retailer announced.
Amazon’s purchase of Quidsi.com also gives it control of the website soap.com, in addition to the diapers website which offers a wide range of baby and maternity products.
“I’m not sure which is more unpleasant - changing diapers, paying too much for them, or running out of them,” said Jeff Bezos, founder and chief executive officer of Amazon.com.
“This acquisition brings together two companies who are committed to providing great prices and fast delivery to parents, making one of the chores of being a parent a little easier and less expensive.”
The move represents a giant payday for Quidsi.com founders Marc Lore and Vin Bharara, who founded the company five years ago when new dad Lore realized the lack of a good online site for baby nappies and bought the name diapers.com for $25,000.
The company has since raised $60 million in venture capital and has hired 400 people as it reached over $180 million in annual sales to a customer base of over one million families. According to Monday’s announcement, Quidsi will continue to operate independently after the purchase.
Tags: San Francisco