top of page

Aggregating e-Commerce Aggregators

March 13, 2024


On March 4, 2024, Berlin-based Razor Group (“Razor”) acquired Boston-based Perch in an all-stock deal. Both companies are e-commerce aggregators, an industry made up of third-party marketplace sellers that gather products from multiple online brands and sell them in one place.

Upon the companies’ merger, Perch’s investors will own about one third of the combined company shares, while Razor’s investors will own the remaining two thirds. The transaction is based on a valuation of US$1.7 billion for the combined company. In connection with the acquisition, Razor raised an additional US$100 million led by Presight Capital. Notably, at the time of acquisition, Perch had US$400 million in debt, a significant factor considering recent movement in the sector.

Just one week ago, Thrasio, a giant in the e-commerce aggregation space, filed for Chapter 11 protection. It is uncertain whether Razor was aware of Thrasio’s impending bankruptcy as it completed its acquisition.

E-commerce aggregation saw a boom during the COVID-19 pandemic due to an influx in online sales. However, there have been marked shifts in the sector post-pandemic. The Chief Executive Officer of Marketplace Plus estimates that the sector will see about 100 aggregators consolidate into only a dozen. In 2021, Perch acquired Web Deals Direct. This is Razor’s fourth and largest acquisition, also acquiring The Stryze Group in 2023, and Factory 14 and Valoreo in 2022.

Author: Noa Rapaport, 2023/2024 Articling Student


  • X
  • LinkedIn Icon (Goodmans LLP)
  • Goodmans Technology Group Website
bottom of page