StockX Acquires Inventory Management Company Scout
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StockX has acquired inventory management company Scout, the Detroit-based resale platform’s first major purchase. Terms of the deal were not disclosed.
Founded by Anton Lin, Truman Sacks and Shreyas Narlanka in March 2020, Scout offers solutions for automation and inventory management for alternative assets. StockX chief executive officer Scott Cutler said the two companies began conversations in 2020 and spent half of the year shaping a plan.
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“We believe in moving fast, but we’re also committed to getting it right,” Cutler said. “StockX’s most active sellers can now utilize Scout technology for free. This integration allows them to scale their operations through solutions that help with automation, inventory management and tracking.”
He added that the company also rolled out prorated refunds for qualified sellers who previously purchased a Scout membership.
“This decision was rooted not only in our desire to provide industry-leading technology to our sellers, but to establish a foundation for continued innovation and growth,” Cutler said. “Scout’s skilled team of engineers and account managers will provide vital expertise as our teams look to launch additional offerings at scale. Our team continues to look for new ways to enhance the customer experience globally and across product categories.”
This announcement comes a week after the company signed its first NIL athlete, UConn basketball player Paige Bueckers, as a brand ambassador. The signing is a continuation of the company’s commitment to female athletes. Prior to signing Bueckers, the company added skateboarder Briana King, pro gamer Sydeon and sports personality Brittney Elena to its roster of ambassadors.
Cutler said 2021 has been a strong year for StockX. The company surpassed 6.5 million lifetime buyers and 1 million lifetime sellers in the first half of the year and opened authentication centers in Australia and South Korea, growing its network of global authentication centers to 11. StockX also added art prints, comic books and action figures to its offering.
As for authentication, Cutler said the company currently has a 99.95 percent accuracy rate and continues to invest in training and technology for authentication.
“This year we implemented cutting-edge AI technology to further enhance our ability to catch even the most minor details during the verification process,” he said. “The models are based on StockX’s hundreds of millions of data points and in the future, we’re looking to apply these new models to predicting manufacturing defects, missing accessories, and more.”
Related: StockX Raises $275 Million in Latest Funding Round
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