Hilco Merchant Resources has acquired e-tailer Deal Genius LLC for an undisclosed amount.
Deal Genius was started in 2004 as an online flash-sale site by Chris Matsakis. Matsakis will continue to oversee the operation, and will work on its integration as an independent business within Hilco. Deal Genius operates in the daily deals space.
Michael Keefe, chief executive officer of HMR, a retail disposition firm that is part of Hilco Global, said the acquisition represents a “strategic move for HMR and a transaction that we’ve been evaluating for some time while reviewing whether to build out or to buy an e-commerce platform to complement” our other sales channels. In buying the company, HMR acquired both the underlying platform asset and the intellectual know-how of its management team.
Keefe added that the addition of Daily Genius would provide its clients with another channel to “promote and monetize their surplus and excess inventory.”
HMR said the transaction closed on July 22.
In addition to apparel, Hilco said the daily deals site also sells brand name home goods and electronics, among other categories, as well as unique one-of-a-kind merchandise.