Private equity firm Apollo Global Management will take Rackspace private in the all-cash deal.
E-commerce services provider GSI Commerce is acquiring control of Aspherio S.L., a Spanish provider of outsourced e-commerce services, which will allow GSI to move into providing international services. Purchase price will be about $4 million.
E-commerce services provider GSI Commerce Inc. is acquiring control of Aspherio S.L., a Barcelona, Spain-based provider of outsourced e-commerce services, which will allow GSI to move into providing international services. GSI Commerce says it expects to begin working strategically with Aspherio to offer its international e-commerce capabilities to GSI Commerce’s existing partners and prospects. Aspherio provides international outsourced e-commerce solutions for online sellers that include Hewlett-Packard and Logitech.
The Aspherio platform operates online stores in 15 countries and nine languages. The platform is fully integrated and compliant with major European currencies, payments systems and taxation requirements. Aspherio provides logistics and customer care through integrating its core technology platform with a network of third-party providers and by connecting directly into the infrastructure of its partners.
“GSI Commerce serves an increasing number of multinational companies and international e-commerce is growing at a rapid pace and becoming a strategic priority for our partners,” said Michael Rubin, chairman and chief executive officer of GSI Commerce. “It is a logical extension for GSI Commerce to offer its multinational partners the opportunity to extend their e-commerce operations internationally. At the same time, we recognize there are significant differences between the North American and international markets. We are very excited to have found a partner in Aspherio that shares our passion and vision for outsourced e-commerce and has meaningful international operating experience. Through this strategic initiative we add an important capability to our platform, while at the same time remain on track to achieve our financial targets. Longer term, we believe the international markets represent a significant growth opportunity for GSI Commerce.”
Under the terms of the agreement, GSI Commerce also has the right to acquire all of the outstanding shares of Aspherio. If consummated, the purchase price for the acquisition of control and acquisition of the shares of Aspherio would be approximately $4 million plus an earn-out for current management based on the performance of the Aspherio business, the company reported.
GSI expects the acquisition of Aspherio’s shares to close in late 2005 or early 2006.