Global e Online: e Announces Closing of Acquisition of Pitney Bowes Cross-Border E-Commerce Service Borderfree – Form 6-K
Global-e announces the closing of the acquisition of cross-border e-commerce service Borderfree from Pitney Bowes
July 1, 2022
The acquisition is expected to strengthen Global-e’s platform offering for corporate brands. Global-e and Pitney Bowes will also form a cross-border partnership to offer additional services to e-commerce brands.
PETAH-TIKVA, Israel and Stamford, CT, USA–(BUSINESS WIRE)-Global-e (NASDAQ: GLBE) (“Global-e” or the “Company”), the global leader in end-to-end cross-border services platform for brands and retailers, today announced the closing of its previously announced acquisition of the Borderfree cross-border e-commerce solutions business from Pitney Bowes (NYSE:PBI). Borderfree helps retailers enter new global markets by localizing their national website in over 200 countries and territories, simplifying compliance and regulatory handling.
In addition, the companies will enter into a strategic partnership and business relationship under which Pitney Bowes will provide cross-border e-commerce logistics services to Global-e and its customers. In turn, Pitney Bowes customers will have access to the best cross-border solutions on the Global-e platform. The acquisition and partnership are expected to strengthen Global-e’s offering and solutions for large enterprises. Both companies will benefit from the combination of unique capabilities that will appeal to marquee retailers worldwide.
“We are delighted to welcome the dedicated team at Borderfree to the Global-e family and look forward to expanding existing Borderfree customers’ access to Global-e’s expertise and capabilities,” said Nir Debbi. , president and co-founder of Global-e. “This acquisition is part of our strategy to continuously improve the value we bring to global brands looking to take full advantage of their cross-border D2C channel. In addition, it further solidifies our leadership as the end-to-end solution of choice. for retailers of all sizes, from small emerging brands to the biggest global brands.”
“This partnership will unlock new opportunities in the growing cross-border logistics and e-commerce space for Pitney Bowes and Global-e,” said Gregg Zegras, executive vice president and president of Global Ecommerce, Pitney Bowes. “We look forward to continuing to provide e-commerce logistics services to Borderfree customers and expect to begin shipping Global-e customers in the third quarter. Customers will benefit from the combination of Global-e’s best-in-class cross-border tracking technology and Pitney Bowes’ best-in-class e-commerce logistics capabilities. »
The transaction is valued at approximately $100 million, funded in cash. Borderfree is expected to generate over $40 million in revenue in calendar year 2022.
Global-e’s mission is to make global e-commerce “borderless”. Global-e is the premier global platform for enabling and accelerating global cross-border, direct-to-consumer e-commerce. The chosen partner of over 650 global brands and retailers in the US, Europe and Asia, Global-e makes selling internationally as easy as selling domestically. Founded in 2013 by Amir Schlachet, Shahar Tamari and Nir Debbi, the company enables e-commerce retailers to increase the conversion of international traffic into sales by providing online shoppers in over 200 destinations worldwide with a shopping experience fluid and localized. Global-e’s end-to-end e-commerce solutions combine best-in-class localization capabilities, business intelligence models based on big data best practices, streamlined international logistics and extensive cross-border experience. , allowing international shoppers to shop seamlessly online and at retailers. to sell from and to anywhere in the world.
About Pitney Bowes
Pitney Bowes (NYSE: PBI) is a global shipping and courier company that provides technology, logistics and financial services to more than 90% of Fortune 500 companies. Customers in small businesses, retail, businesses and governments around the world trust Pitney Bowes. to remove the complexity of sending mail and parcels. For the latest news, company announcements and financial results, visit https://www.pitneybowes.com/us/newsroom.html. For more information, visit Pitney Bowes at www.pitneybowes.com.
Caution Regarding Forward-Looking Statements
Certain statements contained in this press release may constitute “forward-looking” statements and information, within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the safe harbor provisions of the Private Securities Litigation. Reform Act of 1995. These forward-looking statements, which involve known and unknown risks, uncertainties and other factors that could cause actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied – understood by such forward-looking statements. These factors include, but are not limited to: the inability to retain our existing merchants, or the gross market value (GMV) generated by such merchants; failure to attract new merchants, or merchants we attract fail to generate GMV or revenue comparable to our current merchants; the inability to develop or acquire new features or improve our existing platform; the inability to successfully compete with current and future competition; the risks that the sale will disrupt the current plans and operations of Global-e or Pitney Bowes; risks related to Global-e’s ability to integrate Borderfree; failure to integrate our platform with e-commerce platforms; failure to maintain the functionality of our platform; the inability to effectively manage our growth; risks associated with cross-border sales and transactions; risks associated with governmental export controls; the compromise of our merchants’ and buyers’ personal information that we store; failure to enhance our reputation and awareness of our platform; decline in demand for our platform and services due to changes in laws and regulations; actual or perceived non-compliance with strict and changing laws, regulations, standards and contractual obligations related to privacy, data protection and data security; failure to adequately maintain, protect or enforce our intellectual property rights; the COVID-19 pandemic could have a material adverse effect on our operations; and other factors affecting Global-e or Pitney Bowes, including those discussed under “Risk Factors” and elsewhere in Global-e’s and Pitney Bowes’ respective filings and reports with the Securities and Exchange Commission (“SEC “), including Global-e’s Annual Report on Form 20-F for the fiscal year ended December 31, 2021, filed with the SEC on March 28, 2022, and Pitney Bowes’ Annual Report on Form 10-K for fiscal year ended December 31, 2021 and quarterly report on Form 10-Q for the quarter ended March 31, 2022, and future filings and reports of either company. When used in this press release, these statements include words such as “may”, “will”, “expect”, “believe”, “plan”, and other similar terms. These statements reflect the companies’ management’s current expectations regarding future events and operating performance and speak only as of the date of this document. Except as required by law, it should not be expected that this information will under any circumstances be updated, supplemented or revised, whether as a result of new information, changed circumstances, events future or otherwise.
Contact with Investor Relations for Global-e:
Erica Mannion or Mike Funari
Sapphire Investor Relations, LLC
Media contact for Global-e:
Media contact for Pitney Bowes:
Brett R. Cody