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New Zealand-based Mighty Ape sold for whopping $127 million to Australian company

New Zealand's biggest online retailer, Mighty Ape, has been told off from its owner Dick Smith to another Australian company for a whopping $127 million.

Mighty Ape. Source: Mighty Ape

With a 20-year-long history in New Zealand, the company employs over 150 full-time staff with most based out of their distribution centre on Auckland's Hibiscus Coast. 

"We believe Mighty Ape is now at a size where we need to secure the company’s long term future and ensure that Mighty Ape has the backing and access to the expertise required to continue to grow strongly," founder Simon Barton said in a statement today.

"We’ve been on the lookout for the right partner and we’ve finally found one. Overnight the shares of Mighty Ape have been acquired by Kogan.com."

Barton says it will be "business as usual" and he will continue to lead the company for many years to come.

"As for now, our top priority needs to be ensuring we deliver awesome service to our customers through Christmas, and we'll take each day as it comes when deciding how to unlock the new opportunities now available.

"Our journey is still only just at the beginning."