Internet giant Amazon.com will acquire Zappos.com in a deal worth more than $800 million, according to an official announcement today. After growing into an e-commerce behemoth with a legendary customer service record, it comes as little surprise that Zappos was acquired by the likes of Amazon. There really is no better match when it comes to e-commerce, product, service, and technology.
This deal confirms the groudbreaking success that Zappos achieved through widely publicized corporate policies, happy employees, and impeccable customer service which often includes free next day shipping, and always a 365-days-a-year free-return-shipping guarantee. Amazon clearly gains from Zappos ability to literally obsess over customers, be inventive, and think long term (while growing year over year since being founded in June 1999.
Zappos will receive $807 million worth of Amazon stock and $40 million in cash as part of the deal. The purchase price could value as much as $920 million, assuming the deal is for 10 million shares (shares of AMZN opened today at $88.54), according to Sarah Lacy at Techcrunch.