Amazon announces acquisition of INLT
The company told Reuters on Tuesday (24 September) that the transa...
The company told Reuters on Tuesday (24 September) that the transaction will help merchants on its online marketplace more easily import goods into the US.
In a statement, an Amazon spokeswoman said: “INLT is a smart, nimble team that is helping companies simplify and lower the cost of importing goods into the US. We’re excited to work with them to develop the next generation of solutions for their customers and Amazon selling partners.”
With approximately 12 employees based in LA and Philadelphia, INLT makes software for sellers to manage costs and customs clearance of cross-border shipments. It is expected that Amazon will offer INLT’s cloud-based computing technology to its merchants.
Seeking to expand the services it provides to its merchants; Amazon is looking to add tools for its complicated cross-border sales processes which sellers need to manage individually.
On its website, INLT stated that Amazon has purchased the firm. Following the deal, INLT will continue to serve its existing customers despite the acquisition.
The timing and pricing have not been revealed yet, with Amazon remaining quiet on the official figure of the deal.
According to Crunchbase, INLT is based in LA and has raised $1mn so far, having been founded in 2017.
Amazon has had a busy few months following its continued interest in logistics. Amazon now offers a one-day delivery option for Prime members, in a bid to deal with the quick turnaround and process orders more efficiently and has outlined its intention to introduce drones. In Las Vegas earlier this year, Amazon unveiled its latest Prime Air innovation which comes in the form of drones that delivers straight to customer’s doors. The drones, which are fully electric and can fly up to 15 miles to deliver packages under five pounds to customers in less than 30 minutes.
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5 minutes with: Ivalua’s Sundar Kamak
Who are you?
My name is Sundar Kamak, I’m Head of Manufacturing Solutions at Ivalua. I’ve been with the company for around two years now, and I’m responsible for our industry solutions and our pre-sales team. Before joining Ivalua I spent almost 20 years in the source-to-pay procurement space, working for a number of providers. But I got my career started in manufacturing and supply chain, specifically in automotive and aerospace.
And what is currently taking up the majority of your professional time?
The last year I've been focused in helping organisations put together a digital transformation strategy, especially manufacturing companies, so they can continue to address some of the challenges they face due to the COVID pandemic.
The traditional approach of engineers designing their latest product then procurement going off to source no longer works
What are the biggest challenges facing your corner of supply chain?
We have a lot of clients coming from different backgrounds - aerospace, high-tech, automotive - and they’re feeling the pressure and the crunch. There’s a lack of product, lack of material availability, lack of resources, labour shortages. So, I work with the leadership in these organisations, try to understand what problems they're looking to solve and come back with Ivalua solutions that can help them address some of these challenges.
Where do the biggest opportunities lie?
If we look at manufacturing, it all comes back to procurement and supply chain being involved sooner in the process. The traditional approach of engineers designing their latest product then procurement going off to source no longer works. It’s important to treat suppliers like partners, which means you build trust, so they can participate very early on in the product design and product development process. It’s not done consistently in the manufacturing sector, but it will be key.