Singapore Post buys majority stake in e-commerce software provider
Singapore Post has bought a majority stake in the e-commerce software solutions and supply chain services company Jagged Peak. SingPost has set up a new Delaware-based company, SP Jagged Peak LLC, which will buy all of the outstanding stock of Jagged Peak other than approximately 28.9% of the stock which is held by Paul Demirdjian and Primrose Demirdjian. Mr. Demirdjian is the Chief Executive Officer of the Jagged Peak, and both Mr. and Mrs. Demirdjian are directors, principal shareholders and founders of the company.
“SingPost’s investment in Jagged Peak is evidence of a new era of e-commerce where global infrastructure and fulfillment needs are becoming the new norm,” said Paul Demirdjian. “This merger is an exciting opportunity that will allow us to provide retailers and consumer brands with an end-to-end worldwide solution.”
Mr. Lim Ho Kee, Chairman of SingPost, said, “As SingPost pioneers and leads e-commerce logistics in Asia Pacific, we are casting our eyes beyond the region. Jagged Peak can enable end-to-end fulfilment of eCommerce orders across the US. SingPost is excited about this capability. This transaction is also part of our strategy to focus our resources on strengthening our geographical reach and the technology we employ as an eCommerce logistics company.”
Dr. Wolfgang Baier, Group Chief Executive Officer of SingPost, added: “The acquisition of Jagged Peak allows us to use their state-of-the-art e-commerce omni-channel technology to enable brands and retailers not only to leverage their warehouse facilities in over 20 locations in the US but expand these services into our Asia Pacific warehouse network. A win-win for existing and future customers. We have planted the seeds with this investment of what will be SingPost’s global multi-channel B2B4C eCommerce logistics platform.”
