One of the biggest and foremost online retail chains on the Internet, Amazon Inc. has reportedly acquired another online retail store, Woot, for $110 million. Woot shot to fame and became an instant sensation in the online shopping arena, as this service provided the users with an opportunity to buy mostly electronic gadgets at incredible discounted prices. After its initial success with the electronic products, Woot expanded its operation to shirts, wines, kids’ stuff etc. Also, Woot is largely known to be the only online retailer, that employs its very own fleet of writer, who create amusing and captivating details about the products on sale.

As per the deal between Woot and Amazon, the Texas based Woot, will be retained by its original owners even after the acquisition by Amazon and the company would keep its current operations ongoing, without any hurdles. What is still unclear is the leverage that Amazon might achieve from this acquisition? Woot, in its announcement has stated its intentions of using Amazon’s technical expertise to further advance its business model.

According to Matt Rutledge (CEO, Woot),

“We are excited about doing this for all sorts of reasons. One, our business model is so vague that there’s no way Amazon can possibly change what it is we’re truly doing: preparing the way for the rise of the Lava Men in 2012. Also, our deal means that Jason Toon will finally be released from that Mexican jail owned by Zappos honcho Tony Hsieh. No, don’t lie, Tony, we’ve seen the paperwork. And we need a powerful ally in case Steve Jobs finally breaks down and comes after us for all our Apple jokes over the years. Don’t think of it as a buyout; think of it as NATO!”

Via Fast Company