Global-e Announces Closing of Acquisition of Borderfree Cross-Border ecommerce Service from Pitney Bowes
July 01 2022 - 9:55AM
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 the closing of its previously announced acquisition
of Borderfree cross-border ecommerce solutions business from Pitney
Bowes (NYSE: PBI). 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 marquis retailers from around the world.
“We are excited to welcome Borderfree’s dedicated team into the
Global-e family and look forward to extending current Borderfree
clients’ access to Global-e’s know-how and capabilities,” said Nir
Debbi, President and Co-founder of Global-e. “This acquisition
follows our strategy of continuously enhancing the value we bring
to global brands looking to fully capitalize on their cross-border
D2C channel. Furthermore, it further solidifies 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
brands.”
“This partnership will open up new opportunities in the growing
cross-border logistics and ecommerce space for both 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 ecommerce logistics services to Borderfree
clients and expect to start shipping for Global-e clients in the
third quarter. Clients 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.”
The deal is valued at approximately $100 million, financed with
cash. Borderfree is expected to generate in excess of $40 million
in revenues in calendar year 2022.
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; risks that the sale 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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