Boxed Continues to Grow Software & Services Business with Expansion into New Markets

  • Boxed to Bring Proprietary E-commerce Technology Platform to the Kingdom of Saudi Arabia, the UAE, Egypt, Oman, Qatar, Bahrain, Turkey and Kuwait

  • Boxed Continues to Explore Further Expansion of its Software & Services Offering with Aeon, Including into Vietnam and Other Southeast Asia Markets

Boxed , an e-commerce grocery platform which sells bulk consumables and licenses its e-commerce software to enterprise retailers, announced a partnership with 786 Holdings Limited to deliver e-commerce software and services technology to the Middle East and North Africa (“MENA”).

The partnership will leverage Boxed’s proprietary technology, facilitating 786 Holdings Limited’s ability to build out its B2B operations in the MENA region. The partnership is expected to initially launch in the Kingdom of Saudi Arabia (“KSA”) by the first half of 2022. The KSA online grocery market is expected to grow to $173 billion per year by 2025 with only 1.3% online sales penetration in 2020, according to Ken Research Private Limited and RedSeer Consulting.

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Boxed commenced its international expansion initiatives in 2021 through an exclusive partnership with Aeon beginning with a successful rollout of its proprietary technology in Malaysia. The Company is currently exploring further expansion with Aeon in Southern Asia, including Vietnam.

786 Holdings Limited is led by Najam Kidwai, a leading technology entrepreneur and investor based in Dubai. Mr. Kidwai will play a critical role in supporting the Company’s expansion of its SaaS business by utilizing his extensive experience, relationships, and successful track record as an operator in the region.

“After completing an extensive due diligence process in reviewing the leading technology partners to collaborate, we are confident that Boxed is the perfect fit,” said Mr. Kidwai. “In addition to having one of the most comprehensive technology stacks currently available in the market for enterprise e-commerce retailers, Boxed has tremendous cultural values, a proven commitment to ESG, and a track record of executing and scaling rapidly. On top of that, we couldn’t be more excited to partner with Chieh and we are already reviewing a number of opportunities that are on the horizon.”

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Chieh Huang, Co-founder and Chief Executive Officer of Boxed, said, “As we continue to expand into international markets, we understand the importance of having the local operational infrastructure, expertise, and network supporting us, which is why we are incredibly excited to partner with Najam and 786 Holdings Limited. There is massive opportunity for digital penetration in the MENA markets driven by a young tech-literate population presenting an enormous whitespace opportunity for Boxed to expand in a vastly underpenetrated B2B grocery sector that is ripe for disruption.”

On June 13, 2021, Boxed and Seven Oaks Acquisition Corp. (“Seven Oaks” or “SVOK”) (Nasdaq: SVOK, SVOKU, SVOKW), a publicly-traded special purpose acquisition company, entered into a definitive agreement relating to the business combination that would result in Boxed becoming a public company upon the closing of the transaction. Boxed also announced its intention to list on the New York Stock Exchange (“NYSE”) upon the closing of the business combination, which is expected in the fourth quarter of 2021. The combined company will be called Boxed, Inc. and its common stock and warrants are expected to list on the NYSE under the new ticker symbols “BOXD” and “BOXD WS,” respectively.

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