Mobile Monster - which claims to offer premium prices for secondhand smartphones - has acquired Gadget Exchange, another company operating in the same space.
According to Monster Mobile founder and CEO Tim Duggal, Gadget Exchange's software was a significant part of the attraction.
"We have been in talks with Gadget Exchange for a long time. In acquiring their key assets we have a great ability to not only leverage our existing trading base, but more importantly, we will significantly improve our backend capabilities.
He added “Working on this acquisition with Gadget Exchange has been a real eye opener. They have chosen to focus on software innovation. Their business case and new venture is one of the most compelling opportunities I have come across.
"Certainly, this acquisition solidifies our relationship with them. We are hopeful of continuing an alignment once they formally launch their new venture.”
The value of the transaction was not disclosed.