FedEx to Acquire ShopRunner to Expand E-Commerce Capabilities
03 December 2020 - 3:30AM
Business Wire
Combined strengths enable merchants to increase
competitiveness and deliver end-to-end shopping experiences to
consumers
FedEx Corp. (NYSE: FDX) announced today that it has agreed to
acquire ShopRunner, the e-commerce platform that connects online
shoppers with their favorite merchants and brands. ShopRunner’s
capabilities will complement and expand the FedEx e-commerce
portfolio and are expected to create increased value for both
merchants and consumers. The parties anticipate the acquisition to
close by the end of the calendar year, and it is subject to
customary closing conditions, including regulatory approval.
ShopRunner connects millions of consumers to more than 100 of
their favorite brands, offering a seamless shopping experience
across merchants, from inspiration through delivery. Members enjoy
benefits including free two-day shipping, free returns,
member-exclusive discounts, and seamless checkout. ShopRunner’s
data-driven marketing and omnichannel enablement capabilities also
help merchants acquire high-value customers and accelerate their
digital innovation by using ShopRunner’s e-commerce platform.
“The acquisition, once closed, aligns with our continued efforts
to create an open, collaborative e-commerce ecosystem that helps
merchants deliver seamless experiences for their customers,” said
Raj Subramaniam, president and chief operating officer, FedEx
Corporation. “We are committed to growing the ShopRunner platform
and combining it with our global digital and logistics intelligence
to create new possibilities in e-commerce.”
Once closed, the complementary nature of ShopRunner’s
pre-purchase offerings combined with FedEx post-purchase logistics
intelligence will enable merchants to attract and engage consumers
at scale by providing innovative online shopping experiences.
ShopRunner’s consumer experiences and omnichannel enablement
capabilities are also anticipated to help unlock potential for
FedEx as it continues to use data and technology to transform the
end-to-end commerce experience.
Sam Yagan, CEO of ShopRunner, said, “In pursuit of our purpose
of creating the future of retail, we have built the foundation of a
cross-brand ecosystem to create a simple shopping experience for
consumers and to aggregate the scale of our network for our
partners’ benefit. The unparalleled reach and assets of FedEx will
accelerate our existing capabilities and align with our goal of
creating new products and services that advance a more open,
collaborative e-commerce ecosystem.”
Headquartered in Chicago, ShopRunner will operate as a
subsidiary of FedEx Services, an organization dedicated to
integrating the technology and services customers need to create
solutions for global supply chains, e-commerce, and today’s
business challenges.
About FedEx Corp.
FedEx Corp. (NYSE: FDX) provides customers and businesses
worldwide with a broad portfolio of transportation, e-commerce, and
business services. With annual revenue of $71 billion, the company
offers integrated business solutions through operating companies
competing collectively, operating collaboratively and innovating
digitally under the respected FedEx brand. Consistently ranked
among the world’s most admired and trusted employers, FedEx
inspires its more than 500,000 team members to remain focused on
safety, the highest ethical and professional standards and the
needs of their customers and communities. To learn more about how
FedEx connects people and possibilities around the world, please
visit about.fedex.com.
About ShopRunner
As the premier e-commerce platform, ShopRunner offers its
members free two-day shipping, free returns, and member-exclusive
discounts, and seamless checkout. Spending billions of dollars in
the ShopRunner network annually, ShopRunner’s millions of members
prove every day that merchants can attract the highest value
customers by offering free, fast, and convenient login, shipping,
and checkout options. ShopRunner’s 100+ network partners include
Hudson’s Bay Company, Kate Spade & Company, Under Armour, CB2,
Cole Haan, and American Eagle Outfitters.
Evercore is serving as exclusive financial advisor and Morgan,
Lewis & Bockius is serving as legal advisor to ShopRunner.
Forward-Looking Statements
Certain statements in this press release may be considered
forward-looking statements, such as statements relating to FedEx
and ShopRunner’s views with respect to the benefits of the proposed
acquisition and the anticipated time of the closing of the proposed
acquisition. Forward-looking statements include those preceded by,
followed by or that include the words “will,” “may,” “could,”
“would,” “should,” “believe,” “expected,” “anticipated,” “plans,”
“estimates,” “targets,” “projects,” “intends” or similar
expressions. Such forward-looking statements are subject to risks,
uncertainties and other factors which could cause actual results to
differ materially from historical experience or from future results
expressed or implied by such forward-looking statements. Potential
risks and uncertainties include, but are not limited to, the
ability of FedEx and ShopRunner to receive regulatory approvals and
satisfy all other conditions for completion of the acquisition,
FedEx’s ability to achieve the anticipated results from the
acquisition, the rate of future e-commerce growth and FedEx’s
ability to successfully expand its e-commerce portfolio, and other
factors which can be found in FedEx Corp.’s press releases and
filings with the Securities and Exchange Commission. Any
forward-looking statement speaks only as of the date on which it is
made. FedEx does not undertake or assume any obligation to update
or revise any forward-looking statement, whether as a result of new
information, future events or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20201202005750/en/
Bonny Harrison FedEx Media Relations (901) 434-5207
mediarelations@fedex.com
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