Zappos announced today in an email to all employees that they’re being acquired by Amazon for about 10 million shares of Amazon shares equal to approximately $807 million. Amazon will also provide Zappos employees with $40 million in cash and restricted shares.
Zappos is the leading US online retailer for shoes, and has a unique company culture where employees not only need qualifications for the job but also have to fit the company ethos of delivering happiness to customers.
In a video posted today on YouTube Jeff Bezos talks about his vision for Amazon and how Zappos is a perfect fit. The video appears to be intended to reassure Zappos employees that their jobs are safe and the company will continue as normal.
Zappos will continue to trade under the Zappos brand and be run as an independent entity, but will tap into Amazon’s knowledge, expertise, and resources, especially on the technology side.