BROOKLYN, N.Y., May 15, 2017 /PRNewswire/ -- Etsy, Inc.
(NASDAQ: ETSY), which builds markets, services and economic
opportunity for creative entrepreneurs, today commented on the
Schedule 13D filings by TPG Group Holdings (SBS) Advisors, Inc. and
Dragoneer Investment Group, LLC. Etsy values constructive
engagement with its shareholders and is focused on maximizing value
for all shareholders.
Josh Silverman, CEO of Etsy,
said, "Since my appointment as CEO two weeks ago, I have gained an
even greater appreciation for all that Etsy has accomplished over
the past twelve years and its potential for growth and value
creation. One of the most challenging things to do in a marketplace
business is create a differentiated value proposition for buyers
that provides a unique opportunity for sellers. Etsy has done just
that, creating a strong technology platform and cultivating
powerful loyalty driven by a robust seller community and 45 million
listings."
Mr. Silverman continued, "We are now reviewing our strategic and
operational plans to ensure Etsy is focused on the most
value-enhancing near- and long-term opportunities. We will
prudently invest in areas that will deliver the greatest returns.
At the same time, we see significant opportunities to scale our
marketplace business model and drive efficiencies. In everything we
do, we will strive for operational excellence and focused
execution. I am encouraged by what I have seen and heard from our
employees, sellers, buyers, and shareholders. I'm excited to build
on Etsy's solid foundation while increasing our focus on areas
where we can do better. We look forward to providing additional
details when our review is completed."
Fred Wilson, Chair of the Etsy
Board, said, "Consistent with its fiduciary duty, the Board will
carefully consider all options to enhance shareholder value,
following Etsy's review of its strategic and operational plans.
Etsy is a great company and we are confident in the ability of our
strong new leadership team to unlock the significant value inherent
in the business."
About Etsy
Etsy operates markets where millions of people around the world
connect, both online and offline, to make, sell and buy unique
goods. Etsy also offers a wide range of seller services and tools
that help creative entrepreneurs start, grow and manage their
businesses. The Etsy community includes creative entrepreneurs who
sell on our platform, thoughtful consumers looking to buy unique
goods in our marketplace, retailers and manufacturers who partner
with Etsy sellers to help them grow their businesses and Etsy
employees who maintain our platform and nurture our ecosystem. Our
mission is to reimagine commerce in ways that build a more
fulfilling and lasting world, and we're committed to using the
power of business to strengthen communities and empower people.
Etsy was founded in 2005 and is headquartered in Brooklyn, New York.
Forward-Looking Statements
This press release (including statements quoted in this press
release) contains forward-looking statements within the meaning of
the federal securities laws. Forward-looking statements include
information related to our future growth, our possible or assumed
future results of operations and expenses, business strategies and
plans, investments, business environment, market size, new
management team transition, our review of our strategic and
operational plans, deliberations of our management team and our
Board, our plans to provide future updates regarding matters
discussed in this press release and the timing of such updates.
Forward-looking statements include all statements that are not
historical facts. Forward-looking statements involve substantial
risks and uncertainties that may cause actual results to differ
materially from those that we expect. These risks and uncertainties
are more fully described in our filings with the Securities and
Exchange Commission, including our Quarterly Report on Form 10-Q
for the quarter ended March 31, 2017.
Forward-looking statements represent our beliefs and assumptions
only as of the date of this press release. We disclaim any
obligation to update forward-looking statements.
Contacts
Etsy Investor Contact:
Jennifer Beugelmans, ir@etsy.com
Media Contact:
Joele Frank Wilkinson Brimmer
Katcher
Matthew Sherman / Andrew Siegel / Mahmoud
Siddig
212-355-4449
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SOURCE Etsy, Inc.