Royal Mail has bought a stake in Australian technology start-up Market Engine Global.
The size of the stake and the amount paid by the FTSE 100-listed company have not been disclosed, but the move represents Royal Mail's continued attempt to diversify its business.
Market Engine Global offers a platform for businesses to manage their online retail presence according to regional market.
In a statement released today, the company said the investment forms part of its “continued focus on digital innovation and building its e-commerce capability”.
Nick Landon, managing director of Royal Mail Parcels, commented:
I’m excited to announce our investment in Market Engine. We think we can leverage our scale and expertise to help Market Engine expand and accelerate its entrance into new markets, while identifying opportunities to incorporate its technology solutions within Royal Mail’s existing operations.
It is the third acquisition of a technology company by Royal Mail this year. It has already bought Storefinder, which provides web merchants with integrated stock control, and more recently the personal shopping app developer Mallzee.
Investors were generally unimpressed by the news, with shares currently down 0.22 per cent compared to yesterday at £46.19.