As a result of this acquisition, MyUS will be fully integrated into Aramex’s business, operating as a business unit within the Company’s Courier business segment. MyUS will retain its brand name and will be complementary to Shop & Ship, Aramex’s subscription-based last mile e-Commerce solutions platform.
The acquisition will look to further 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. This transaction is also expected to be immediately value accretive for Aramex, providing strong growth in revenues, attractive profitability and superior cash conversion.
MyUS is a US-headquartered, technology-driven and cross-border e-Commerce enabling platform, providing cost-effective package forwarding solutions. In 2021, the Company generated more than USD $100m in revenue and delivered 1.1m packages to customers who shop from retailers based in the US, UK and China. The Company has about 180 thousand active customers.
Chief Executive Officer of Aramex Othman Aljeda 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.”