The founder of the e-commerce platform providers had been expected to stay on after Marketlive merged with Shopatron to form Kibo.
GSI Commerce, provider of outsourced services to e-retailers, will sell 1.8 million shares that it holds and current stockholders—Softbank Capital Partners and its affiliates—will sell 8.2 million shares.
GSI Commerce Inc., a provider of outsourced services to e-retailers, is offering 10 million shares for sale to the public. The company will sell 1.8 million shares and current stockholders-Softbank Capital Partners and its affiliates-will sell 8.2 million shares. The price has not been determined.
The company has about 48 million shares outstanding. The stock has been selling at about $18.50 a share.
In its most recent financial statement, the company reported a net loss of $20.3 million for the second quarter on revenue of $193.2 million and a net loss of $31.8 million in the first half on revenue of $388.7 million.
The company says it will use the proceeds for working capital and general corporate purposes, including possible acquisitions. The company says it will not receive any proceeds from the sale of the shares by the selling stockholders.
GSI Commerce focuses on e-commerce services for large companies selling directly to consumers. Services include an e-commerce platform, which is made up of technology, fulfillment and customer service functions. It sells those services both as a complete package and as individual components as needed. It also offers interactive marketing services through GSI Interactive and e-Dialog.