Global-e (NASDAQ: GLBE) (“Global-e” or the
“Company”), the world’s leading cross-border end-to-end platform
for brands and retailers, today announced that it has entered into
a definitive agreement with Pitney Bowes (NYSE: PBI) to acquire the
global shipping and mailing company’s Borderfree cross-border
ecommerce solutions business. Borderfree helps retailers enter new
global markets by localizing their domestic website in 200+
countries and territories, simplifying compliance and regulations
processing.
In addition, the companies will begin a strategic partnership
and commercial relationship whereby Pitney Bowes will provide
cross-border ecommerce logistics services to Global-e and its
clients. In turn, Pitney Bowes clients will receive access to
best-in-class 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
businesses will benefit from the combination of unique capabilities
that will attract marquee retailers from around the world.
Leveraging Borderfree’s capabilities, Global-e will provide
merchants with a best-in-class solution of global demand
generation. Current Borderfree clients will gain access to
Global-e’s leading platform localization capabilities, in
combination with Global-e’s unique data models and AI-algorithms
for conversion optimization.
“This acquisition follows our strategy to support the global
expansion of brands of all sizes in the most sophisticated way
possible,” said Nir Debbi, President and Co-founder of Global-e.
“By partnering with Pitney Bowes and utilizing Borderfree’s demand
generation capabilities, Global-e will continue to enhance the
value it brings to global brands looking to fully capitalize on
their cross-border D2C channel. In addition, the acquisition will
further cement our leadership as the end-to-end solution of choice
for any size of merchant, from small and emerging brands all the
way to the world’s largest enterprise brands.”
“Pitney Bowes is excited to form a strategic partnership with
Global-e to further extend our suite of Designed™ Cross-Border
services as Pitney Bowes continues to grow and invest in our
advanced suite of ecommerce logistics services for delivery and
returns,” said Gregg Zegras, Executive Vice President and President
of Global Ecommerce, Pitney Bowes. “Merchants will benefit from the
combination of Global-e’s best-in-class cross-border localization
technology and best-in-class ecommerce logistics capabilities from
Pitney Bowes, a strength we will continue to build globally.”
“Borderfree shares our values and aspirations to help brands
become global,” said Amir Schlachet, CEO and Co-founder of
Global-e. “We are delighted to welcome the Borderfree team into the
Global-e family and are excited about the opportunity to partner
with Pitney Bowes.”
Global-e will acquire Borderfree for approximately $100 million,
financed with cash. Borderfree is expected to generate in excess of
$40 million in revenues in calendar year 2022. The transaction is
expected to close during Q3 2022, subject to customary
conditions.
About Global-e
Global-e’s mission is to make global e-commerce
“border-agnostic.” Global-e is the world's leading platform to
enable and accelerate global, direct-to-consumer cross-border
e-commerce. The chosen partner of more than 650 global brands and
retailers across the United States, Europe and Asia, Global-e makes
selling internationally as simple 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 offering online shoppers in
over 200 destinations worldwide a seamless, localized shopping
experience. Global-e's end-to-end e-commerce solutions combine
best-in-class localization capabilities, big-data best-practice
business intelligence models, streamlined international logistics
and vast cross-border experience, enabling international shoppers
to buy seamlessly online and retailers to sell from, and to,
anywhere in the world.
About Pitney Bowes
Pitney Bowes (NYSE:PBI) is a global shipping and mailing company
that provides technology, logistics, and financial services to more
than 90 percent of the Fortune 500. Small business, retail,
enterprise, and government clients around the world rely on Pitney
Bowes to remove the complexity of sending mail and parcels. For the
latest news, corporate announcements and financial results visit
https://www.pitneybowes.com/us/newsroom.html. For additional
information, visit Pitney Bowes at www.pitneybowes.com.
Cautionary Statement Regarding Forward-Looking
Statements
Certain statements 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 may cause actual results,
performance, or achievements to be materially different from any
future results, performance, or achievements expressed or implied
by such forward-looking statements. These factors include, but are
not limited to: failure to retain our existing merchants, or the
gross merchandize value (GMV) generated by such merchants; failure
to attract new merchants, or the merchants we do attract fail to
generate GMV or revenue comparable to our current merchants;
failure to develop or acquire new functionality or enhance our
existing platform; failure to successfully compete against current
and future competition; failure to complete the acquisition of
Borderfree; risks that the proposed transaction disrupts current
plans and operations of Global-e or Pitney Bowes; risks related to
the ability of Global-e to integrate Borderfree; failure to
integrate our platform with e-commerce platforms; failure to
maintain the functionality of our platform; failure to manage our
growth effectively; risks associated with cross-border sales and
operations; risks associated with governmental export controls; the
compromise of personal information of our merchants and shoppers we
store; failure to enhance our reputation and awareness of our
platform; diminished demand for our platform and services as a
result of changes in laws and regulations; actual or perceived
failure to comply with stringent 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 materially adversely affect our operations; and
other factors affecting Global-e or Pitney Bowes, including those
discussed under the heading "Risk Factors" and elsewhere in
Global-e’s and Pitney Bowes’ respective Securities and Exchange
Commission (“SEC”) filings and reports, including Global-e’s Annual
Report on Form 20-F for the year ended December 31, 2021, filed
with the SEC on March 28, 2022, and Pitney Bowes’ Annual Report on
Form 10-K for the year ended December 31, 2021 and Quarterly Report
on Form 10-Q for the quarter ended March 31, 2022, and future
filings and reports by either company. When used in this press
release, such statements include such words as "may," "will,"
"expect," "believe," "plan," and other similar terminology. These
statements reflect the companies’ managements current expectations
regarding future events and operating performance and speak only as
of the date of this document. Other than as required by law, there
should not be an expectation that such information will in all
circumstances be updated, supplemented, or revised whether as a
result of new information, changing circumstances, future events,
or otherwise.
Investor Relations Contact for Global-e:Erica
Mannion or Mike FunariSapphire Investor Relations,
LLCIR@global-e.com +1 617-542-6180
Media Contact for Global-e:Headline
MediaGarrett KrivicichGlobale@headline.media +1
786-233-7684
Media Contact for Pitney Bowes:Brett R.
CodyBrett.cody@pb.com
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