Benzinga | Jun 15, 2021 10:56AM EDT

Wix Acquires Marketplace, Dropshipping Company Modalyst For Undisclosed Sum

* SaaS platform Wix.com Ltd (NASDAQ:WIX) has acquired marketplace and dropshipping platform, Modalyst.

* The financial terms of the transaction remain undisclosed.

* On average, Wix Stores that add dropshipping products increase AOV (Average Order Value) by 40% and sales revenues by 79% within the first four months.

* Now, Wix business owners can seamlessly connect their online store to an established marketplace of thousands of suppliers, manufacturers, and wholesalers where they have access to products spanning name brands, trending items, and independent labels.

* Wix.com held $1.1 billion in cash and equivalents as of Mar. 31, 2021.

* Price action: WIX shares traded lower by 1.79% at $279.83 on the last check Tuesday.