NEW YORK, NY and Toronto, ON, May 4 - FiftyOne Global Ecommerce, the leader in international ecommerce solutions, and Cambridge Mercantile Group, a specialist in global payments and foreign exchange, today announced an agreement whereby FiftyOne will transfer operational and sales activities pertaining to its E4X Global Settlement Services business to Cambridge Mercantile Group (Cambridge). The parties anticipate the transfer will be complete in June 2011.
Under the terms of the agreement, Cambridge will continue to operate the business on the existing E4X technology platform, ensuring that there are no material changes to existing client's processes, systems, or integration points.
"FiftyOne has always been about the potential for international ecommerce," said Michael DeSimone, Chief Executive Officer of FiftyOne. "As our original proposition, the E4X business was critical to the early success of the company. As we've grown, we've expanded our proposition to encompass all facets of cross-border ecommerce. This is where we need to focus as a business, and we see Cambridge, as the specialist in foreign exchange, as the ideal partner to realize the full potential of the E4X technology platform," he concluded.
E4X Global Settlement Services provide foreign exchange and global payment services that allow merchants conducting ecommerce to sell in local currency while receiving payment in U.S dollars. Merchants are guaranteed the full value of each transaction in the currency of their choice and can avail of a range of features include currency detection tools and support for multiple payment methods.
"We are very excited about this transition and see it as an opportunity to re-energize the E4X business by connecting it with Cambridge's deep expertise in foreign exchange and global payments processing," said Bernard Heitner, Chief Executive Officer of Cambridge Mercantile Group. "Cambridge has worked closely with FiftyOne in the past and shares the company's commitment to providing the very highest levels of service to customers."
FiftyOne empowers leading U.S. retailers to utilize their existing ecommerce infrastructure and online shopping experience to market, sell, and fulfill merchandise to international shoppers with cost certainty. FiftyOne manages all aspects of the international order life cycle, including multi-currency pricing and payment processing, landed cost calculation, customs clearance and brokerage, international fraud management, international logistics orchestration, and customer-experience parity. FiftyOne is powering international ecommerce for many leading U.S. retailers, including Anthropologie, Brookstone, The Buckle, CHEFS Catalog, Drugstore.com, Johnson & Murphy, Overstock.com, and SureSource. The company is headquartered in New York City. For more information, visit www.fiftyone.com.
About Cambridge Mercantile Group
For almost two decades, Cambridge Mercantile Group has been earning the trust and respect of leading companies around the world by helping manage their foreign exchange global payments. With offices strategically located across North America, the United Kingdom, and, in 2011, Australia, Cambridge facilitates the secure and prompt movement of more than 20 billion dollars annually for thousands of clients, across a variety of industries. Cambridge helps clients administer their foreign exchange global payments effortlessly. For more information, visit http://www.cambridgefx.com.