Stamford’s Pitney Bowes to sell part of division for $100 million

STAMFORD — Shipping and delivery-and-mailing company Pitney Bowes introduced this week that it would sell its BorderFree e-commerce products and services business for somewhere around $100 million to e-commerce companies supplier Global-e.

Stamford-headquartered Pitney Bowes’ agreement with Petah-Tikva, Israel-headquartered Worldwide-e focuses on a company inside of Pitney Bowes’ worldwide e-commerce division that can help merchants enter new marketplaces by localizing their domestic sites in extra than 200 nations around the world and territories and also assists them in simplifying compliance and rules processing.

“This acquisition follows our approach to assistance the global enlargement of makes of all dimensions in the most subtle way achievable,” World-e co-founder and President Nir Debbi reported in a assertion. “By partnering with Pitney Bowes and employing Borderfree’s need technology abilities, World wide-e will continue to increase the value it brings to world makes wanting to thoroughly capitalize on their cross-border (immediate-to-shopper) channel. In addition, the acquisition will additional cement our management as the close-to-stop solution of selection for any dimension of service provider, from tiny and emerging brands all the way to the world’s major business models.”

The sale is anticipated to be finished in the 3rd quarter of 2022, “subject to customary problems.”

In 2022, Borderfree is projected to produce much more than $40 million in revenues. Like Borderfree, Pitney Bowes’ international e-commerce revenues totaled about $1.7 billion in 2021, up 5 p.c from 2020.

World-wide e-commerce revenues had been the largest supply of Pitney Bowes’ 2021 revenues, which contributed to the corporation position No. 729 on the 2022 Fortune checklist of the premier U.S. companies.

Borderfree employs about 85 folks, including 4 centered in Pitney Bowes’ workplaces in Shelton. The rest of them are centered in other areas of the U.S., Israel, United Kingdom, Ireland and Poland. All of them are envisioned to transfer to World-wide-e when the offer is done.