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Benzinga
Benzinga
Business
Shivani Kumaresan

Globl-E Online Bolsters Platform Offering For Enterprise Brands - Read How

GLBE Pitney Bowes Nasdaq NYSE Pitney Bowes Inc
  • Global-E Online Ltd (NASDAQ:GLBE) has entered into a definitive agreement with Pitney Bowes Inc (NYSE:PBI) to acquire Borderfree cross-border eCommerce solutions business for about $100 million in cash.
  • Borderfree helps retailers enter new global markets by localizing their domestic websites in 200+ countries and territories.
  • The acquisition is expected to strengthen Global-E's platform offering for enterprise brands.
  • The parties will also begin a commercial relationship under which Pitney Bowes will provide cross-border eCommerce logistics services to Global-E and its clients.
  •  In turn, Pitney Bowes clients will receive access to cross-border solutions on the Global-E platform.
  • Borderfree is expected to generate more than $40 million in revenues in 2022. 
  • GLBE expects the deal to close during the third quarter of 2022.
  • The company held $203.9 million in cash and equivalents as of March 31, 2022.
  • Price Action: GLBE shares are trading higher by 8.66% at $19.89 on the last check Tuesday.
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