Fintech & Ecommerce

Amazon Acquires Company Fig

Amazon has expanded its ownership structure as a result of the acquisition of Fig, which is a manufacturer of an autocomplete tool for terminals used by developers.

Amazon Acquires Company Fig

Fig co-founder and CEO Brendan Falk announced that the company’s team will join Amazon Web Services (AWS). He also said that the e-commerce giant had acquired his firm’s technology.

Brendan Falk stated that at the conceptual level and from the point of view of the approach to the activities of Fig and AWS are united, according to him, by a passion for improved tools and services designed for developers. He noted that combining the experience of his company, the long-term strategy of the subsidiary of the e-commerce giant, and an understanding of the mechanisms for providing consumer-oriented products creates prospects for improving the quality of developers’ work. According to him, AWS perceives generative artificial intelligence as a technological shift. Brendan Falk stated that his team is happy to be part of this vision for the future.

Currently, Fig has a user base that includes hundreds of thousands of people. Also, the company, which is part of the ownership structure of the e-commerce giant, interacts with 400 open-source developers and offers five main products.

Current users of the Fig offerings will continue to have access to relevant products, and receive ongoing support and features Fig Team on a free basis. At the same time, new customers will not be able to subscribe to these offers, but they will be provided with updates on the cooperation between Fig and AWS.

The team of specialists of the company acquired by the e-commerce giant in the foreseeable future will focus on optimizing Fig products for existing consumers and will work on implementing the integration process with AWS.

Brendan Falk said that there are currently no updates on longer-term plans for the future, noting that the team of specialists continues to direct forces to work on innovations on behalf of developers. At the same time, he stated that there is still news that can be shared without going into details.

Currently, there is no information about the financial terms of the acquisition of Fig. This company was founded in San Francisco in 2020. Over three years, the firm has raised more than $2 million in funding.

Amazon demonstrates a commitment to acquisitions of companies that are able to improve the technological potential of this firm to one degree or another. For example, in November 2021, the e-commerce giant implemented a deal, as a result of which the Veeqo brand entered into its ownership structure, specializes in developing software for e-commerce, and is engaged in creating tools that help online sellers trade on the virtual platform of the aforementioned retailer and beyond.

Experts said that the acquisition of Veeqo would allow Amazon to integrate additional tools into a multi-channel order fulfillment program. Under this program, sellers can store or send goods using the services of the e-commerce giant, regardless of which virtual platform they perform actions on.

As we have reported earlier, Amazon Tests Higher Free Shipping Threshold.

Serhii Mikhailov

2391 Posts 0 Comments

Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.