Kogan.com Limited (ASX:KGN) has acquired the intellectual property and goodwill of an Australian family-run business and a furniture icon, Matt Blatt for $4.4 million. The funding has been done from company’s cash reserves.
Matt blatt’s financial performance during FY19 showed revenue of $46.5 million out of which about 20-25% was from online business.
Ruslan Kogan, CEO of Kogan.com stated, “Acquisition of Matt Blatt has provided the company a springboard from which to enlarge its influence within the furniture and homewares market.”
KGN plans to combine Kogan’s technology, systems and infrastructure with Matt Blatt’s decade long industry expertise to deliver a market-leading offering.