Pitney Bowes forms global e-commerce unit after acquiring Borderfree
Pitney Bowes has completed its $395m acquisition of cross-border shipping firm Borderfree, and combined the firm into a new global e-commerce unit. The US-based mailing and shipping giant confirmed last week that it successfully completed purchase of around 95% of the shares in Borderfree for $14 per share in cash. All remaining shares were acquired through a merger process.
Pitney Bowes said its acquisition was partner to many of the world’s “iconic” brands, and since 1999 had service more than 100 countries and millions of customers.
New York-based Borderfree was known as FiftyOne Global Ecommerce until 2013, when it took the name of the cross-border shipping company it bought from Canada Post in 2012.
Last year the firm generated $125m in revenue.
With the completion of the acquisition, Pitney Bowes said it has formed a new global e-commerce business division that will include its existing e-commerce operations and those of Borderfree.
Lila Snyder, who has been leading the integration of Borderfree into Pitney Bowes since early May, has been named as president of the new unit.
She will now be responsible for the company’s overall e-commerce business and strategy.
Snyder joined Pitney Bowes in November 2013 after a period spent advising the firm as a consultant from McKinsey & Co. She previously served as Pitney Bowes president of document messaging technologies.
Marc Lautenbach, the Pitney Bowes president and chief executive, said Snyder had been the lead consultant on the company’s growth strategy when he had joined as CEO.
“This gave her an in-depth understanding of our business, the key trends driving our transformation, and the importance of ecommerce in fueling long-term growth,” he said.
“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.”