Made.com Group PLC (LSE:MADE) is to acquire Trouva, an online shopping platform for boutique homeware and clothing, for cheaper compared to previous guidance.
The company said it will spend cash of £13-18mln in 2022, combining the acquisition consideration and capex, which is down from previous guidance of £15-20mln.
Founded in 2015, Trouva has its HQ in London and is the "leading platform to discover independent boutiques", with connections to 700 boutiques across Europe.
The acquisition "accelerates the group's strategic priorities, particularly around choice and reach", said Made.
Geert Engels, Made's chief technology officer, will lead the integration of Trouva, which will continue to operate as a standalone brand under the leadership of Alex Loizou, chief executive, and Dimple Patel, chief operating officer.
The group plans to expand the existing Trouva tech hub in Portugal to create a new center of excellence.
"This acquisition brings with it an experienced and talented team, a sector-leading technology platform and excellently procured choices of homewares product that will resonate with the Made target customer," said Nicola Thompson, Made's chief executive.
Made shares fell 1.26% to 54.9p in early trading on Monday.