Feb. 19--Global e-commerce company Borderfree Inc. (formerly FiftyOne Global Ecommerce) has filed with the US Securities and Exchange Commission (SEC) to raise up to a gross $86.25 million in an IPO on Nasdaq, including an offer to sell by shareholders. It will be listed under the ticker BRDR.
Borderfree says that it will use the net proceeds from the offering for general corporate purposes. It will not receive any proceeds from shares sold by shareholders.
Borderfree was co-founded in Israel by Yuval Tal in 1999, originally providing online foreign currency conversions for retailers. It now provides global e-commerce solutions to US retailers, under its slogan "Going global. Simplified.", providing customized payment options and fraud management and other tools in various languages.
In the filing, Borderfree states that it posted a loss of $654,000 on $110 million revenue in 2013.
Borderfree's 91 clients include Saks Fifth Avenue, Neiman Marcus, Bloomingdale's, Carter's, Macy's, Oshkosh, and Sephora. The clients have 158 e-commerce sites altogether. The company is now incorporated in the US, and has become more American than Israel, with American executives. It is headquartered in New York City with offices in Tel Aviv, Shanghai, Toronto, and Dublin, and Tal has left the company. It has 158 employees, including 49 R&D employees, but does not mention how many are in Israel.
Borderfree's investors include Pitango Venture Capital, Delta Ventures, and Adams Street Partners. It lists Pitango managing partner Isaac Hillel as the largest shareholder, with a 33% stake.
Credit Suisse and RBC Capital Markets will serve as joint book-running managers for the IPO, and Pacific Crest Securities, Canaccord Genuity, William Blair, and Needham & Company will act as co-managers.
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