Borderfree announced it will acquire Bundle Tech Limited, the operator of DutyCalculator, a provider of cloud-based global trade and customs compliance data services.
The move expands Borderfree’s trade compliance data services capabilities and brings a broader, more comprehensive offering to the rapidly expanding international ecommerce marketplace.
The acquisition has been completed for a purchase price of approximately $22 million in cash. Borderfree will discuss details of the financial impact of the transaction as part of its fourth quarter 2014 earnings conference call in February.
DutyCalculator’s customers, including retailers, service providers, importers and exporters and consumers, are located primarily outside of the U.S. and are able to tap into the company’s vast, cloud-based tools to accurately classify products, calculate tariffs and receive up-to-date international trade and customs compliance information for nearly 100 countries.
The acquisition of DutyCalculator reduces the need for Borderfree to source similar data from third parties. In addition to lowering Borderfree’s transactional costs, the technology will drive new long-term revenue opportunities and help the company better serve its customers, which include some of the world’s leading global retailers and brands.
“DutyCalculator accelerates our strategy to expand our presence in the European global ecommerce space, enhance our platform and data services capabilities and help our customers grow their global businesses,” said Michael DeSimone, CEO of Borderfree.
With offices in Brighton, UK, DutyCalculator will continue under the leadership of Andre Schmidt, founder and CEO of DutyCalculator. Schmidt will expand his responsibilities to lead the combined company’s efforts with regard to data services and marketplace strategies.
“Borderfree and DutyCalculator share the same vision for the growth of global ecommerce, and we’re excited to integrate our technology and product capabilities with Borderfree’s market-leading platform to deliver a broad range of ecommerce solutions to international customers,” says Schmidt.