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Bx.com Inc. isn’t letting Wall Street put a damper on the holiday shopping season. The Providence, R.I.-based e-commerce software company announced plans Thursday for a $25 million shopping spree, financed by funds it has been raising since the beginning of the year.
With a number of smaller e-commerce platform providers in trouble heading into the holiday season, Bx.com is hoping to snap them up before they go under and absorb their client bases, said company president Mark Shapiro.
“We’ve got the Christmas season coming up, and we’re trying to protect the companies that are relying on these companies,” Shapiro said. He declined to name investors in the company’s $25 million acquisition fund.
Privately held Bx.com grosses under $10 million a year and has 23 full-time employees, Shapiro said. Founded in 1994, the company pursued a similar strategy during the last economic downturn seven years ago, he said.
“Our industry took a nose dive then, and then the economy took a nose dive a few years after,” he said. “It was the perfect time to pick up corporate assets.”
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