Pitney Bowes has completed the acquisition of global e-commerce firm Borderfree for $395 million and integrated the company with Pitney Bowes’ existing e-commerce business in a newly formed Global Ecommerce business unit.
The US group said last month when announcing the takeover that Borderfree’s cross-border ecommerce solutions will complement and expand its existing e-commerce capabilities, which help clients grow their businesses internationally by reducing the complexity of cross-border ecommerce.
Last week, Pitney Bowes announced that it successfully purchased all outstanding shares of Borderfree for $14.00 per share in cash. As a result of the completed merger, Borderfree has become a subsidiary of Pitney Bowes.
Borderfree provides cross-border ecommerce solutions through a proprietary technology and services platform that enables retailers in the United States and United Kingdom to transact with consumers around the world. The firm manages all aspects of the international shopping experience, including site localization, multi-currency pricing, payment processing, fraud management, landed cost calculation, customs clearance and brokerage and global logistics services while maintaining the integrity of our customers' brand and the consumer experience.
Its customers include retailers, department stores, apparel brands, and lifestyle brands that sell a range of physical goods online. Borderfree generated $125 million in revenue in 2014. It has 253 employees and is headquartered in New York, NY, with offices in Tel Aviv, Israel; Dublin, Ireland; and Brighton, England.
The new Global Ecommerce business unit which combines Borderfree and Pitney Bowes’ existing e-commerce operations will be led by Lila Snyder who has been appointed President, Global Ecommerce, at Pitney Bowes. She has been leading the integration of Borderfree into Pitney Bowes since early May and will from now on be responsible for the company’s overall e-commerce business and strategy. Snyder will report directly to Marc B. Lautenbach, President and CEO of Pitney Bowes.
“As the integration leader working with teams from Borderfree and Pitney Bowes, Lila is bringing together two complementary, cross-border ecommerce businesses and creating one team. As we continue to accelerate our strategic vision to grow Pitney Bowes, Lila is exactly the right leader to drive and grow our Ecommerce business today and in the future,” Lautenbach commented on the appointment of Snyder.
As a global technology company offering innovative products in the areas of shipping and mailing, customer information management, global ecommerce etc., Pitney Bowes serves more than 1.5 million clients in approximately 100 countries around the world.
