Author: Ingrid LundenSarah Perez

Source: Verizon to sharpen content strategy with OTT video service, IoT platform

TECHCRUNCH At CES, the big consumer electronics show underway this week in Las Vegas (when the lights are working), TechCrunch has learned that Verizon is working away on a couple of new services that will see the carrier once again trying to grow its business beyond basic broadband and mobile connectivity, as it gears up to compete with the likes of Amazon and other tech companies, as well as other OTT players like Hulu and Netflix, and stave off the threat of becoming a “dumb pipe.” A source inside the company (which owns TechCrunch by way of Oath, the...

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Confirmed: Walmart has acquired womenswear site Modcloth

Some more consolidation in the world of online fashion and e-commerce. Today Walmart announced that is has acquired ModCloth, a womenswear retailer that focuses on a younger, progressive demographic and a healthier range of sizes beyond the too-often-emphasized tall, rail-thin look. Today’s news confirms reports on the acquisition from us and others earlier this week. Walmart said the ModCloth team will continue to operate its site and store as a  standalone and complementary brand to its other e-commerce sites. In addition, ModCloth CEO Matthew Kaness, his executive team, and ModCloth’s over 300 employees will continue to be based in San Francisco, Los Angeles and Pittsburgh, and will join Walmart’s U.S. e-commerce retail organization, the company said. The terms of the deal have not been disclosed, beyond Walmart telling us it was an all-cash acquisition. But as we noted in our earlier reporting, more than one source very close to the deal has told us that it’s no more than between $50 million and $75 million. This is not a great outcome for the startup, which had raised $78 million from investors that included Norwest Venture Partners, Floodgate, First Round, and Accel Partners. Notably, Norwest and Accel had also backed, which Walmart acquired in 2016 for $3 billion. As with its acquisition, the strategy for Walmart is to buy into more online brands that will help it expand its reach into new demographics. In this case, it wants...

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