Pitney Bowes Inc. (NYSE:PBI) has acquired Borderfree (Nasdaq:BRDR), an Israeli global ecommerce solutions, for $14.00 per or $395 million.
Borderfree was founded in 1999 by Yuval Tal as a forex conversion website for offering worldwide e-commerce for American retailers. The company raised $80 million in its Nasdaq IPO in March 2013. Pitango Venture Capital has 27.4% stake in the company.
Borderfree generated $125 million in revenue in 2014. It has 253 employees and is headquartered in New York, NY, with a development center in Tel Aviv; offices in Dublin, Ireland; and Brighton, England.
Borderfree CEO Michael DeSimone said, “Over the last eight years, we’ve built Borderfree into a market leader in global ecommerce. We’re excited to join forces with Pitney Bowes, a global technology company offering innovative products and solutions that enable commerce globally. Pitney Bowes’ technology, commerce and logistics expertise will help accelerate our growth and the ability for our combined businesses to realize our full potential as a leader in the dynamic global ecommerce market.”
Pitney Bowes president and CEO Marc B. Lautenbach said, “The combination of Borderfree’s cross-border ecommerce capabilities with our own solutions expands our portfolio of offerings and extends our global reach. We’ve had a long-standing relationship with Borderfree and know the company well. Together, we have a significant opportunity to help our clients expand and grow by providing a comprehensive range of complementary, cross-border ecommerce solutions in the fast-growing global ecommerce marketplace.”