Global-E Online Ltd has agreed to acquire Flow Commerce Inc, a technology-based cross-border e-commerce software solution provider, for about $500 million. Flow Commerce, founded in 2015 by Rob Keve and Mike Bryzek, is based in Hoboken, NJ.
- The purchase price comprises a base consideration of $425 million and up to $75 million in potential additional consideration based on specific financial results in 2021, plus $45 million in Global-E shares for certain assumed, performance-based vesting warrants for Flow Commerce shares.
- The company expects the acquisition to strengthen its offering and capabilities, allowing access to the market of small merchants not currently eligible to use Global-E's services.
- Flow Commerce is expected to generate approximately $20 million in net revenues in the calendar year 2021.
- Global-E expects the deal to close during Q1 2022.
- Global-E Online held $395.8 million in cash and equivalents as of September 30, 2021.
- Price Action: GLBE shares are trading higher by 2.75% at $54.12 on the last check Wednesday.
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