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.
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