Logistics company Aramex has obtained all the necessary regulatory approvals and completed the acquisition of Access USA Shipping (MyUS), a technology-driven platform that enables cross-border e-commerce, for an all-cash purchase price of approximately US$265m.
MyUS is a US-headquartered technology-driven and cross-border e-commerce enabling platform which works to provide cost-effective package forwarding solutions. In 2021, it generated approximately US$100m in revenue and delivered 1.1 million packages to customers who shop from retailers based in the US, UK and China. The company has about 180,000 active customers and 300 employees, the majority of whom are based in the US. MyUS is underpinned by proprietary software, scalable technology and industry-leading expertise.
As a result of this acquisition, MyUS will be integrated into Aramex’s business, operating as a business unit within the company’s courier business segment. MyUS will retain its brand name and form part of Aramex’s subscription-based last-mile e-commerce solutions platform, Shop & Ship. The acquisition is expected to strengthen Aramex’s cross-border express business by increasing shipment volumes, growing and diversifying its customer base and expanding coverage in new origins and destinations. The acquisition is also intended to increase accretive value for Aramex, providing growth in revenues, profitability and cash conversion.
Citigroup acted as financial adviser and Cravath, Swaine & Moore as legal adviser to Aramex. UBS was financial adviser and King & Spalding was legal adviser for all sellers, including an affiliate of Palm Beach Capital, a middle-market private equity investment firm based in West Palm Beach, Florida.
Othman Aljeda, CEO of Aramex, said, “With the successful close of our largest strategic acquisition to date, Aramex has become an even more competitive player in the cross-border e-commerce space. Given how complementary MyUS’s business is to ours, we believe our wider stakeholder universe will realize the immediate and long-term positive benefits of this acquisition. Our shareholders will immediately see the impact on financial performance, and over the long term we can unlock further value through operational and cost synergies. Our customers are set to benefit from further enhanced network coverage and service excellence from first to last mile. Our employees will benefit from knowledge sharing, further developing their expertise in the cross-border express business, including learning and adopting MyUS’s leading proprietary software. As we start the integration process, I would like to extend a warm welcome to MyUS’s employees and customers and look forward to growing further, together.”
Ramesh Bulusu, CEO of MyUS, said, “We at MyUS are excited to begin a new chapter of growth with Aramex. We are ready to take our products and solutions to new markets by leveraging on Aramex’s extensive global network, scale, knowledge and expertise in markets exhibiting very attractive characteristics such as the MENA region, the UK and Australia. Together with Aramex, we will work on developing a joint business plan to unlock revenue and operational synergies to help grow the cross-border e-commerce business and bring customers the best solutions and services. Ultimately, our goal under Aramex’s ownership is to accelerate our growth in a fragmented multi-trillion-dollar global e-commerce market.”