Feb. 17--Almost a year and half after beginning the IPO process, Borderfree Inc. is approaching a Wall Street offering. The "Wall Street Journal" reports that the company filed a confidential prospectus several months ago, and is set to file a public prospectus soon to raise $100 million. The banks chosen to lead the IPO, at a company valuation of $700-800 million, are Credit Suisse and RBC.
Borderfree has undergone a few transformations since Yuval Tal founded it in 1999. The company started out under the name E4X, and operated in international trade. In 2008, the company changed its name and strategy and became FiftyOne, providing online sales solutions for US fashion and lifestyle brands. In 2012, after acquiring Borderfree, which broadened the business model to include Canada, the company changed its name once again.
Borderfree's revenue totaled $70 million in 2012, up 75% from 2011. In an interview with "Globes" in late 2012, when "Globes" reported the company's intention to hold an IPO, CEO Michael DeSimone admitted, "We are exploring the possibility of an IPO."
Borderfree's investors include Delta Ventures, Pitango Venture Capital, Adam Street Partners, and financing from Viola Credit.
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