Altss Research / Venture case 05
Gilt
Hudson’s Bay completed its acquisition of Gilt in February 2016. Its later annual report recorded an adjusted US$237 million cash purchase price, excluding debt.
Altss Research · Evidence reviewed · Historical event record
Historical private valuation
$1bnTechCrunch’s interview with CEO Kevin Ryan identified a $1 billion pre-money valuation in May 2011.
Acquisition
$237mAcquired by Hudson’s Bay Company. HBC’s 2016 annual report, Note 4, records US$239 million at acquisition, reduced by a US$2 million subsequent purchase-price adjustment to US$237 million, excluding debt. The US$250 million announcement amount is a different transaction stage.
These figures have different valuation bases and dates. Their difference is not a measure of investor losses. Methodology ↗
The documented timeline
Growth financing announced
Gilt Groupe announced $138 million of new financing from SoftBank, existing investors and a syndicate of new investors.
Acquisition agreement announced
A shareholder’s SEC filing records HBC’s agreement to acquire Gilt for US$250 million cash.
Acquisition completed
HBC’s subsequent audited accounts record the completion date and adjusted cash purchase price, excluding debt.
Source documents
Publication and access dates identify the evidence used for this case.
TechCrunch (interview with CEO Kevin Ryan) · Financial reporting · Published Dec 9, 2012 · Accessed Oct 26, 2026
Gilt Groupe / PR Newswire · Primary source · Published May 9, 2011 · Accessed Oct 26, 2026
Firsthand Technology Value Fund / SEC · Primary source · Published Mar 15, 2016 · Accessed Oct 26, 2026
Hudson’s Bay Company (report hosted by AnnualReports) · Primary source · Published Apr 4, 2017 · Accessed Oct 26, 2026