SingPost agree deal with Postea
SingPost has announced its investment in Postea. The investment in the USA-incorporated company is made through its wholly-owned subsidiary Singapore Post Enterprise Private Limited (SPE).
SingPost has announced its investment in Postea. The investment in the USA-incorporated company is made through its wholly-owned subsidiary Singapore Post Enterprise Private Limited (SPE).
SPE will acquire 30% stake in Postea for a cash payment of $9.4m and a non-cash consideration comprising the licensing of SingPost’s intellectual property rights in its Self-service Automated Machine (SAM) and SAMPLUS, retail system POST21 and vPOST online bill payment to Postea valued at $24.3m.
Postea, founded in 2007, develops and operates companies which provide technology and support the retail environment in postal, courier and other distribution markets. It is involved in research and development (R&D) and through its subsidiary, Innovations Group, Inc. is currently the prime contractor for the USPS Contract Postal Units project.
With the new investment from SingPost, Postea will be able to further its research and development for innovative solutions at an accelerated pace to transform the postal and logistics industry globally.
Through the collaboration agreement, SingPost will leverage Postea’s expertise and technology to further enhance and develop its own intellectual property (IP). As the IP partner, SingPost will be able to access and immediately deploy the enhanced and newly developed solutions.
This investment and partnership with Postea is a strategic one for SingPost. Postea specialises in developing solutions for the postal and logistics industries and we are excited to be able to leverage their team’s expertise and technology to further enhance our existing IP which will benefit and add value to our customers.”
Mr Michael J. Murphy, CEO and co-founder of Postea said: “SingPost is a welcome partner in Postea, bringing a wealth of international experience and regional presence.
“Our goal is to develop solutions that can work standalone or alongside existing postal legacy systems allowing a low risk low cost transition to current technologies. We look forward to opening an R&D facility in Singapore and to work closely with our new partner to develop new and innovative solutions.”
Beyond the intrinsic value of enhanced customer service and experience through new and innovative solutions, products and services, SingPost aims to tap the market potential of the resultant IP together with Postea.
