Forward-looking: Deliv is in the process of winding down operations and will continue to do so over the next 90 days. Employees (presumably those that won't be joining Target) are being given two months of pay and the option to retain their healthcare plan.
Target is in the process of acquiring technology and other assets from same-day delivery company Deliv.
A spokesperson for Deliv said the company's CEO, Daphne Carmeli, as well as a subset of team members will be moving to Target as part of the deal.
Per TechCrunch, the deal is more of an R&D grab than a full-on acquisition. As such, it may not have an immediate consumer-facing impact. Instead, Target wants to research and test how the company's delivery tech - especially the segment that batches orders together that are going to the same area - could help make its supply chain more efficient.
Financial terms of the purchase were not revealed although TechCrunch said the deal is nowhere in the ballpark of the $550 million the retailer paid for same-day delivery platform Shipt back in late 2017. Target has been utilizing Shipt ever since, although recently, it has come under fire for its handling of the Covid-19 situation as it relates to the safety of employees.
Should everything go as planned, the deal is expected to close within a month or so.
Masthead credit: Kristi Blokhin