Pitney Bowes Inc. has expanded its global e-commerce business with the recently completed acquisition of Borderfree Inc., a New York City-based company that helps retailers reach customers in other countries.
- Lila Snyder
The Stamford-based global technology company on Wednesday announced it purchased 30,775,882 shares, or 95 percent, of Borderfree’s outstanding stock for $14 per share in cash, which would amount to a $430 million deal. When initially announcing the acquisition in May, the company valued the transaction at $395 million, net of expected cash and investments on Borderfree”™s balance sheet.
Borderfree has become a subsidiary of Pitney Bowes and its common stock will no longer be listed on the Nasdaq stock market.
In 2005, Pitney Bowes acquired Borderfree”™s Clearpath Technology unit. Pitney Bowes in 2012 created an e-commerce business group to ease cross-border purchasing and shipping led by Craig Reed, who previously worked with Borderfree.
The company on Wednesday said it has formed a global e-commerce business unit that combines Borderfree with Pitney Bowes”™ existing e-commerce business.
Lila Snyder, who has been leading the integration of Borderfree into Pitney Bowes since the deal was announced in May, has been named president of the unit, responsible for the company”™s overall e-commerce business and strategy. Snyder previously served as the president of Pitney Bowes”™ document messaging technologies.
Marc B. Lautenbach, Pitney Bowes president and CEO, said Snyder is bringing the two complementary, cross-border businesses together, accelerating the company’s strategic vision to grow Pitney Bowes and its e-commerce business.
