Square acquires commerce management company Stitch Labs [MarketWatch]
Block, Inc. Class A, (SQ)
Last block, inc. class a, earnings: 2/26 04:05 pm
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Source: MarketWatch
Square Inc. announced in a Friday post that it has acquired Stitch Labs, a company that makes operations tools for commerce businesses. Terms of the deal weren't disclosed. Stitch Labs offers inventory, order management, channel management, and fulfillment tools for its customers. Square said in its blog post that Stitch Labs will cease taking on new customers but that its products will stay operational until next spring. "Longer term, we plan to sunset Stitch Labs's products so the team can focus on building out Square tools, and we'll work with existing customers to ensure that they have the resources and options they need to be successful transitioning off the platform," the post said. Square shares have rallied 37% over the past month as the S&P 500 has dropped 0.8%.
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