Shares of online marketplace eBay (NASDAQ:EBAY) are moving northward today after it acquired Certilogo. The latter provides AI-based digital IDs and authentication for apparel and fashion products.
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Certilogo’s solutions help brands and designers manage the lifecycle of their creations while also ensuring that consumers get reliable information and authentic products. Importantly, the move will help eBay protect its users from counterfeit products while also being able to tap into the circular economy.
Post this acquisition, Michele Casucci will continue to lead Certilogo as its CEO. Charis Marquez, Vice President at eBay commented, “Through this acquisition, eBay will be able to offer brands secure, connected product solutions that are both flexible and compatible.”
For brands, the acquisition promises better opportunities to connect with consumers as well.
Overall, the Street has a $49.82 consensus price target on eBay alongside a Moderate Buy consensus rating. Shares of the company have climbed nearly 10.7% so far this year.
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