Vinted has partnered with Oracle NetSuite to roll out a new enterprise resource planning (ERP) system as the company looks to expand.
As part of the rollout, Vinted aims to consolidate its financial processes and improve its data visibility across multiple departments.
The customer-to-customer marketplace, which was founded in 2008, has expanded to serve over 20 markets in Europe.
The move aims to streamline the company’s systems after it previously relied on eight different accounting applications.
The new ERP system is designed to help Vinted establish a scalable platform capable of supporting its growth.
“Vinted is committed to innovation and finding ways to make second-hand the first choice and empowering its members to buy and sell second-hand items,” said Ieva Karklytė, finance systems team lead, Vinted.
Karklytė added that the new technology enables the business to access data at a granular level, better understand its data flow, and provides reliable tool that can “handle Vinted’s expansion.”
In July, Vinted reportedly launched a share sale that could boost the company value to $5 billion (£3.9 billion). According to a report from broadcaster Sky, investors were contacted to gauge their interest in a secondary stock offering for the second-hand marketplace.
The share sales are expected to result in a reduction or discharge of ownership by the company’s existing shareholders, with Vintage shares worth between $200 million and $500 million potentially changing hands if the deal is successful.
