Australian eCommerce company Mnemon Ltd. announced last week that it will merge with Gray’s Holdings Pty, another Australian eCommerce firm. Terms of the deal were not disclosed, but the partnership will create a company with annual eCommerce sales of $407.9 million, 48 percent from business-to-business e-commerce.
The new company will be called Gray’s E-Commerce Group,according to Internet Retailer, and Gray’s current CEO Mark Bayliss will lead the newly formed firm.
"This transaction makes compelling strategic sense, bringing together two renowned names in the Australian B2B and B2C e-commerce markets,” Bayliss said. “The Australian e-commerce market is evolving rapidly and the scale of Gray’s will be an important factor in leveraging growth across multiple sectors."
The news source added that Gray’s Holdings currently runs GraysOnline.com, a business-to-business marketplace for manufacturers, banks and finance companies. The site specializes in the sales of industrial and commercial assets, including equipment.
PYMNTS.com previouslyreported on how more B2B buyers are turning to the web to complete their sales. Specifically, Forrester Research found that 30 percent of B2B buyers said they make half or more of their work-related purchases online, and 56 percent said they expect to buy that much online three years from now.