Wal-Mart acquires logistics startup Parcel

Wal-Mart Stores Inc. bought Brooklyn, New York-based Parcel, Recode reports.

Both companies declined to disclose the acquisition price, but a source familiar with the matter told Recode it was less than $10 million.

Parcel provides scheduled and same-day delivery services in New York for online retailers and meal-kit companies.

"We plan to leverage Parcel for last mile delivery to customers in New York City – including same-day delivery – for both general merchandise as well as fresh and frozen groceries from Wal-Mart and Jet," Wal-Mart officials said in a blog post.

Read more from Recode.