Fab.com, a US based online retail store founded by Jason Goldberg has acquired Pune based True Sparrow. The financial details of the deal are not disclosed, but it is a combined cash and stock deal according to report in ET.
Fab’s acquisition of True Sparrow is not surprising, because most of the development of Fab.com was done by True Sparrow from their Pune based development center. The entire team of True Sparrow worked exclusively for Fab – According to Jason Goldberg, “Ours has been much more of a partnership and collaboration than outsourcing. Now, it is great to bring it together as one company."
And this is not the first product that Jason and True Sparrow have worked together. In 2008, they teamed up to develop SocialMedian.com, which was later acquired by Social Networking site Xing.
Fab.com was earlier called Fabulis, a social networking platform for gay community. But given the lukewarm response it got, Fabulis was rechristened as Fab.com. It has done quite well over past year and is now one of the fastest growing online retail sites in the world.
According to ET, this is also the first time that a US based e-commerce company has acquired a Indian technology startup.
Here is the notice put up by Nishith and Deepa Shah, founders of True Sparrow on their homepage.
Congrats to the entire team of True Sparrow!