E-Commerce site Bonanzle, which is often touted as an alternative to eBay, has acquired artisan merchandise site 1000 Markets, and changed its name to Bonanza. The combined company, which will take aim at sites like Etsy, is located at Bonanza.com, with a new design.
"We think this is an amazing triple play," says Bonanza CEO Bill Harding. "First, we're adding the tremendous stores and shoppers of 1000 Markets to our family. Second, we're bringing a dynamic new design to the site that makes it even easier to list and buy the kind of delightful and unique merchandise both companies have always been known for. And third, we're branding it with a household word that not only speaks to the bounty of opportunities to be found, but is also easier to remember and spell."
Bonanza certainly has a better ring to it.
"This is an excellent match for our merchants and our growing audience of buyers," he says. "Both companies emphasize fun and easy shopping for unique products, and the merchants at 1000 Markets are known for the quality of their work and passionate commitment to customer service -- traits that we admire and support."
"We are delighted to join forces with Bonanza, one of the leaders in the field," says 1000 Markets CEO Matthew Trifiro. "This will bring our distinctive and passionate merchants the power of Bonanza's infrastructure and traffic. We believe that this combination will create one of the strongest players in social commerce."
Bonanza started enabling users to log in with Facebook and Google accounts back in June. As noted then, this could go a long way in increasing usage.
In April, the company received a million dollar round of funding to improve its service. 1000 Markets raised $500,000 last year. Financial terms of the acquisition were not disclosed.
1000 Markets' inventory of about 100,000 items will be blended into Bonanza's inventory over the next month.