Walmart acquired Jet.com in 2016 to strengthen its e-commerce business. The deal closed on September 19, 2016, with Walmart paying about $3 billion in cash plus roughly $300 million in Walmart shares.
Jet.com was founded in 2014 by Marc Lore, Mike Hanrahan, and Nate Faust. Its technology focused on dynamic pricing and savings based on shoppers’ carts, giving Walmart access to an innovative online retail team and platform.
After the acquisition, Jet.com continued operating as a separate brand while Walmart combined its technology and talent with Walmart.com. Marc Lore became Walmart’s U.S. e-commerce chief, helping lead the company’s digital expansion.
A common mix-up is confusing Jet.com with Walmart’s later online acquisitions, including Moosejaw and Bonobos. Jet.com was the major 2016 purchase specifically associated with accelerating Walmart’s e-commerce strategy.