Alibaba.com Ltd , China’s largest e-commerce company, said it has agreed to buy an export services company, its fifth acquisition in 12 months, as it looks to diversify revenue amid slowing subscriber growth.
Alibaba gave no financial terms for the purchase of Shenzhen One-Touch Enterprise Service Ltd, whose services include customs clearance, logistics, cargo insurance and currency exchange for small business exporters.
“Against a backdrop of slower export growth and narrowing profit margins for exporters in China, we felt the obligation to help our customers stay competitive and enhance margins,” Alibaba Chief Executive David Wei said in a statement.
Alibaba last week reported a record profit for the third quarter, but said it expected growth rates to falter because of new service price increases and a slowdown in China’s exports. (Reuters)