Singapore Post, through its indirect wholly owned subsidiary, TG Acquisition Corporation, announced the acquisition of 96.3% of US end-to-end e-commerce provider, TradeGlobal Holdings, from TradeGlobal Parent LLC for US$168.6m.
The founders of TradeGlobal, Dave Cook, Executive Chairman, and Dave Eckley, Chief Executive Officer, will continue in their current positions as executives and shareholders.
Following this transaction, SingPost’s clients in Asia Pacific are expected to be able to access the US market while TradeGlobal’s clients will have access to the e-commerce market in Asia Pacific.
Marcelo Wesseler, Chief Executive Officer, SingPost eCommerce, said, “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 eCommerce markets, Asia Pacific and North America, brands will also be able to provide their customers with a seamless shopping experience. This acquisition strengthens Page 2 of 3 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.”
Dave Cook, Executive Chairman, TradeGlobal, said, “We are excited about the synergies between TradeGlobal and SingPost. The combination of the two companies will enhance our capabilities to build a powerful global eCommerce platform enabling our customers to expand internationally.”
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