11th Nov 2011. Walmart Labs, the e-commerce arm of the American retail giant, has acquired Wollongong-based startup point-of-sale development company Grabble. Terms for the acquisition have not been disclosed.
Grabble was started in a garage in Wollongong, Australia by Stuart Argue 29, and Anthony Marcar, 27. Since then they have gained the backing of bootstrap investor Startmate, Australian startup hub, Pollenizer, and US incubator 500Startups. Walmart Labs are based in the same building as 500Startups, and the Startmate investment model (SA$25,000 in return for a 7.5% equity stake) includes creating US exposure for Australian startups.
Grabble produces a point-of-sale receipt technology that integrates with mobile phones. With the rise in NFC-enabled devices, which allow consumers to make purchases using only their phone or tablet, it makes sense for Walmart to turn its attention to this new method of payment. It’s also worth noting that a number of big companies, such as Google and PayPal, are developing technology to support transactions using a device rather than a credit card.
“Grabble started with a vision to make shopping smarter in a garage in Wollongong, Australia, and today we are pleased to announce that Walmart has acquired the company and we will be joining the @WalmartLabs team in Silicon Valley,” the company wrote in a statement. “We’re excited about seeing our passion play out on a larger stage and especially look forward to working with the team at Walmart.”
The founders will be joining the Walmart Labs team in Silicon Valley.