Global-e Announces Closing of Acquisition of Borderfree Cross-Border ecommerce Service from Pitney Bowes
The acquisition is expected to strengthen Global-e’s platform offering for enterprise brands. Global-e and Pitney Bowes will also form a cross-border partnership to offer additional services to ecommerce brands.
Global-e (“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.
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“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.
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