Alibaba Group Holding Ltd Sells U.S. Subsidiary 11 Main To OpenSky

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Alibaba Group Holding Ltd Sells U.S. Subsidiary 11 Main To OpenSky
By Charliepug (Own work) [CC BY-SA 4.0], via Wikimedia Commons

Chinese e-commerce giant Alibaba’s first attempt to make inroads in the U.S. market has soured. The Hangzhou-based company announced Tuesday that it is selling its U.S. subsidiary 11 Main to OpenSky. Another three companies – Auctiva, Vendio, and SingleFeed – that Alibaba acquired in 2010 and 2011 to provide fulfillment and logistics services will also become part of OpenSky.

Alibaba to get 37.6% stake in OpenSky

It was a stock-swap deal. Upon competition of the deal, Alibaba will own 37.6% stake in the New York-based online marketplace OpenSky. Though 11 Main’s website will continue to operate separately for now, its management team will be integrated into OpenSky. Inside sources familiar with the matter told TechCrunch that a la