Private equity firm Apollo Global Management will take Rackspace private in the all-cash deal.
The former Global MailExpress Inc. says the new brand better defines its services.
Global MailExpress Inc., which delivers lightweight packages for online retailers, has relaunched as Streamlite Inc.
The new brand reflects the firm’s objectives and position in the marketplace, says marketing director Holly Noah, adding that the company will support the rebranding with an integrated marketing campaign. The firm had done business as MailExpress since its founding in 2005.
“You will begin to see Streamlite a lot more prevalently,” Noah says. “It is important to us to have a presence where we will find our target audience.”
Noah says the MailExpress name didn’t align with the firm’s service because packages aren’t flat like most pieces of mail and because “express” implied overnight delivery. The firm’s corporate name, Global MailExpress, also was a poor match because service is limited to the United States.
Streamlite guarantees package delivery within a specified time frame and scans packages at each step of the shipping process so shippers and recipients can see where a package is at any time. The firm ships packages of five pounds or fewer and uses its distribution network to get packages to the U.S. Postal Service distribution center nearest to the delivery address, where the company then turns packages over to the postal service for household or office delivery. Noah says what makes Streamlite’s service different is that it combines the visibility of an express shipper while the cost is more in line with cheaper postal consolidators, whose services also use the postal service for the last mile of delivery.
“Our service is time-defined, guaranteed and offers end-to-end visibility,” Noah says. “Those are things you would normally find with express products. You don’t usually find those on the consolidation side.”
The rebranding follows the company’s July announcement that it secured an additional $10 million in venture financing, which Streamlite says will be used to expand distribution centers in Boston and Baltimore. The company has raised $110 million in venture capital since 2005 and projects $150 million in revenue for 2010, up 50% from 2009.
Noah says Streamlite processes anywhere from 1.25 million to 2 million packages weekly. The company declines to name clients but says its serves multichannel and online retailers in apparel, electronics, pharmaceuticals and beauty, among others.