Poshmark Acquires Suede One For Undisclosed Sum

Social marketplace Poshmark Inc POSH acquired Suede One, a platform that combines machine learning, computer vision, and expert human review to authenticate sneakers virtually.
The financial terms of the transaction remain undisclosed.
The Suede One team will join the Poshmark team, effective today.
This deal marks Poshmark's first acquisition and reflects the company's focus on strategic investments that drive continued platform innovation, accelerate growth in high-growth resale categories and enhance the user experience to attract and retain buyers and sellers.
Suede One has built impressive capabilities in virtual authentication that will allow us to deliver tangible benefits to our community, scale our authentication services in a meaningful way, and accelerate our momentum in sneakers as well as luxury goods, two of the fastest-growing categories in the resale space, Poshmark CEO Manish Chandra said.
Poshmark held $579.5 million in cash and equivalents as of June 30.
Price Action: POSH shares traded higher by 4.33% at $24.10 on the last check Wednesday.