Online retailer Kogan has acquired selected intellectual property from failed retailer Dick Smith for an undisclosed sum.
Kogan founder Ruslan Kogan said he would continue to run Dick Smith's online store as a separate entity to his own business.
“Dick Smith is an iconic Australian brand and we’re thrilled to be able to keep it alive, as well as Aussie owned and run. We will invest in building and nurturing the Dick Smith community, and honour the great legacy of this Australian business.
“I remember as a kid always visiting Dick Smith to look for parts to upgrade my computer. There is a strong history of passion in the Dick Smith community for how technology can improve our lives, and we look forward to helping make it more affordable and accessible for all," said Kogan.
The deal includes "Dick Smith brand and trademarks, the online business in Australia and New Zealand, customer and loyalty databases, websites and domain names", according to a report by Fairfax.
The Dick Smith website will continue to sell branded and private label consumer electronics and appliances.
James Stewart, from receiver Ferrier Hodgson, said: "After a thorough process with multiple bidding parties we are pleased that Kogan.com is the successful acquirer of the Dick Smith online business.
"As Australia’s largest pure-play online retail website, Kogan.com is a natural and logical owner of the Dick Smith online business and we are particularly pleased that the Dick Smith brand will continue under its stewardship."
Ferrier Hodgson raised widespread industry concerns when it was revealed two weeks ago that they were selling the retailer's customer database.
At the time, a Ferrier Hodgson spokesperson said the firm would inform all Dick Smith customers of the transaction before it is finalised on 1 June and would provide an option to opt out.
Approximately 2,460 Australian staff have already lost their jobs when Ferrier Hodgson announced that Dick Smith would close on 25 February.
A further 181 employees were let go when the 27 Electronics Powered by Dick Smith stores – a joint venture with David Jones – were closed on 22 January.
The deal marks a massive step for Kogan, which has gone from strength to strength since it was established by the eponymous founder almost 10 years ago, focused on grey market imports. The company has since expanded into an online department store selling a range of consumer products, from electronics to clothing to health and beauty.