While the social network isn’t doing away with its direct-sale initiative, it is focusing its attention on ads that drive consumers to retailers’ sites.
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).