GSI Commerce Inc., which provides technology and services to online retailers, announced today it has raised $87.9 million after subtracting costs in a secondary offering of 5.4 million shares of its stock.
The company disclosed plans for the stock sale earlier in the month, and said it would use the proceeds for working capital and general corporate purposes, including possible acquisitions.
Other shareholders, including venture capital firm Softbank Capital Partners, sold a total of 8.2 million shares of GSI common stock as part of the offering.
GSI’s services include hosting e-commerce operations for retailers as well as fulfillment, customer service and online marketing. Clients include QVC, No. 11 in the Internet Retailer Top 500 Guide, Toys ‘R’ Us (39), American Eagle Outfitters (54) and Aeropostale (156).
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