Pitney Bowes has announced the completion of its acquisition of Borderfree, a global e-commerce solutions provider.
The successful tender saw Pitney Bowes purchase all outstanding shares of Borderfree for US$14 per share in cash, with Borderfree becoming a subsidiary of Pitney Bowes as a result of the completion of the merger.
Borderfree, which generated US$125m in revenue in 2014, has now merged with Pitney Bowes’ existing e-commerce business to form a new global e-commerce business unit, which was launched in early June.
Lila Snyder, who has been leading the integration of Borderfree into Pitney Bowes since early May, has been named president, global e-commerce at Pitney Bowes, and is responsible for the company’s overall e-commerce business and strategy.
Snyder, who previously served as president of Document Messaging Technologies (DMT), joined Pitney Bowes from McKinsey and Company in November 2013. She will continue to report directly to Marc B Lautenbach, president and CEO, Pitney Bowes.
“Lila has been part of my leadership team since I became the CEO, first as an external advisor and then as the leader for one of our business units,” said Lautenbach. “In her previous role at McKinsey, she was the lead consultant helping us develop our growth strategy. This gave her an in-depth understanding of our business, the key trends driving our transformation, and the importance of e-commerce in fueling long-term growth.
“As the integration leader working with teams from Borderfree and Pitney Bowes, Lila is bringing together two complementary, cross-border e-commerce businesses and creating one team.”
Pitney Bowes will provide more details about the global e-commerce business unit during its scheduled discussion of second quarter results at 8:00am eastern daylight time (EDT) on July 30.
June 17, 2015