Retailers shift their ad spending from TV, radio and print ads to digital ads.
The company will use the money for acquisitions and investments.
PFSweb Inc., which sells e-commerce technology and services to online retailers, has raised $8 million through sales of about 2.3 million shares of common stock.
After deducting commissions and other expenses, PFSweb expects net proceeds of $7.3 million. The company, which went public in 1999, will use the money for acquisitions, investments in businesses, products and technologies, and general corporate expenses.
PFSweb last month announced that it will own and operate PGeStore.com, the retail web site launched by Procter & Gamble Co., one of the world’s largest manufacturers of consumer packaged goods. The site enables U.S. consumers to buy such P&G products as Tide detergent, Oral-B toothbrushes and Gillette razors directly from the manufacturer.
Craig-Hallum Capital Group was lead underwriter for the stock sale.