Global-e acquiring e-commerce provider Flow for $500 million
The acquisition is expected to strengthen the Israeli fintech company’s platform offering for emerging brands and is intended to further expand its capabilities and customer base in the segment
Global-e, which went public earlier this year, was founded in 2013 by three former Bank Hapoalim executives, Amir Schlachet, Shahar Tamari, and Nir Debbi, and its system - which operates in over 200 different markets around the world - enables the localization of purchases on online commercial sites, allowing them to be conducted in over 100 different currencies and 25 languages, and also coordinates delivery services. The company has over 500 customers in Europe and the U.S., among them brands such as Marks & Spencer, Hugo Boss, Marc Jacobs, and Harvey Nichols.
The acquisition is expected to allow Global-e to expand the scope of its exclusive relationship with Shopify to offer certain cross-border services to a broader set of merchants on the platform in addition to its current end-to-end 3rd-party solution catering to established brands. Concurrent with this expanded relationship, Global-e agreed to issue to Shopify a warrant for approximately $70 million in Global-e shares."We are delighted to be joining Global-e, the leading cross-border e-commerce platform for medium and large brands," said Rob Keve, co-founder and CEO of Flow. "Flow's technology powers dozens of emerging brands with a fast-to-deploy and easy-to-manage cross-border solution. As the cross-border e-commerce market continues to grow, we believe that Global-e is the ideal partner for us. We believe that joining forces with Global-e will enable us to further expand our platform and solution capabilities for our existing merchant partners, accelerate our reach into new brands worldwide, and help fuel our continued growth."