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Target (TGT) Acquires Delivery Tech Company Grand Junction
Target Corporation (TGT - Free Report) announced Monday that it is acquiring the transportation tech company Grand Junction to expand its delivery capabilities. Terms of the deal weren’t disclosed.
“Grand Junction’s technology and algorithms will help Target deliver to guests faster and more efficiently,” said executive vice president, chief supply chain, and logistics offer Arthur Valdez. “This acquisition is part of Target’s ongoing efforts to strengthen Target’s supply chain to provide greater speed, reliability and convenience for guests.”
Grand Junction is a San Francisco-based company that provides a software platform to a variety of retailers and distributors to manage local deliveries through a network of more than 700 carriers.
The tech company is already working with Target on a same-day delivery pilot at the Target store in the Tribeca neighborhood of New York City.
This acquisition builds on Target’s increasing efforts to deliver products faster to consumers in order to compete with Amazon.com (AMZN - Free Report) and Walmart (WMT - Free Report) . In June, Target launched a next-day delivery service in Minnesota called Target Restock.
“Target is seizing a tremendous opportunity to leverage local delivery as a retail differentiator,” said Rob Howard, Grand Junction’s founder and CEO. “We’re thrilled about helping to pursue this opportunity, and to join Target at this unprecedented time in retail.”
When the deal is closed, Howard will become vice president of technology at Target. All Grand Junction employees will become Target team members as well.
Investors reacted positively to the news, with Target stock rising over 1% in morning trading on Monday.
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