The acquisition will allow SingPost’s clients in Asia Pacific to expand to the US
Singapore Post Ltd (SingPost) is acquiring a 96.3 per cent stake in US e-commerce provider TradeGlobal for S$236 million (US$168.6 million), according to an official release.
The acquisition will be made through SingPost’s indirect wholly-owned subsidiary, TG Acquisition Corporation.
SingPost said the acquisition will allow its clients in Asia Pacific to expand their businesses into the US. Conversely, it will also allow TradeGlobal’s clients in the fashion, beauty and lifestyle industries access to the e-commerce landscape in Asia Pacific.
“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,” said Marcelo Wesseler, CEO, SingPost e-commerce.
“This acquisition strengthens our e-commerce logistics platform by enhancing our scalability and capabilities, for instance to handle major surges in traffic and transactions during peak shopping seasons,” Wesseler added.
TradeGlobal Executive Chairman Dave Cook and CEO Dave Eckley, the company’s Founders, will continue in their current positions as executives and shareholders.
Also Read: E-commerce trends in Singapore
Image Credit: Shutterstock
The post SingPost buys US e-commerce provider TradeGlobal for US$168.6M appeared first on e27.