August 18, 2009, 12:00 AM

E-commerce service provider GSI raises $87.9 million in stock sale

GSI Commerce has sold 5.4 million shares of stock and raised $87.9 million after subtracting the costs of the secondary share offering. GSI has said it may use the proceeds for working capital, general corporate purposes and possible acquisitions.

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).

comments powered by Disqus

Advertisement

Advertisement

Advertisement

From IR Blogs

FPO

Adrien Henni / E-Commerce

Russian's new data law: What e-commerce firms need to know

All personal data must be stored in Russia, and not in cloud servers elsewhere. Here ...

FPO

Anna Kuzmina / E-Commerce

An introduction to online payments in Russia

Russian shoppers use a variety of domestic e-wallets quite often when shopping online, a result ...

Advertisement