SingPost to buy TradeGlobal
Singapore Post has announced that it is acquiring a 96.3% stake in TradeGlobal, a US-based company which provides end-to-end (E2E) e-commerce solutions for fashion, beauty and lifestyle brands. In a statement issued today, SingPost noted: “Following this transaction, SingPost’s clients in Asia Pacific can now expand their businesses into the U.S. Likewise, TradeGlobal’s clients will have access to the fast growing eCommerce landscape in Asia Pacific.”
Lim Ho Kee, Chairman of SingPost, said, “Our investment in TradeGlobal makes sense for us in many ways. Together with TradeGlobal, SingPost can establish stronger market leadership and have a larger talent pool to drive a global e-commerce strategy. We will also be looking at a larger and deeper footprint. Increasingly, we need to take a ‘one world’ approach towards e-commerce.”
Marcelo Wesseler, Chief Executive Officer, SingPost eCommerce, added: “Full service e-commerce solutions have traditionally been geographically confined. This acquisition will offer a one stop solution for brands to grow their businesses globally. Using localised capabilities in the two largest e-commerce markets, Asia Pacific and North America, brands will also be able to provide their customers with a seamless shopping experience.”
The founders of TradeGlobal, Dave Cook, Executive Chairman, and Dave Eckley, Chief Executive Officer, will continue in their current positions as executives and shareholders.
SingPost has been on the e-commerce acquisition trail this month. On Friday (9 October), the company announced that it was buying a majority share in Jagged Peak, an “e-commerce logistics enabler for high-velocity consumer products” also based in the US.
