Global e-commerce company Borderfree Inc. raised $80 million in an initial public offering of stock on the NASDAQ exchange last week following five years of exponential growth in merchandise volume.
The company, which changed its name from FiftyOne Global Ecommerce last year, handles international shipping for at least 37 e-retailers, including Gilt Groupe and Crate and Barrel, according to a report in Internet Retailer.
Instead of connecting with customers itself, Borderfree runs proprietary technology enabling retailers to interact with them everywhere in the world – in their own language – and provides logistics, including carrier management and customs compliance, The Motley Fool said in a report.
The company makes money from fees it collects from retailers based on a percentage of their sales generated through Borderfree.
Merchandise volume grew from $4.7 million 2008 to $447.8 million in 2013, Motley Fool said.
The company reported more than $110 million in sales during 2013 while posting a loss of $654,000, according to Internet Retailer.
In its IPO Friday, Borderfree issued 5 million shares at $16 per share on the exchange, listing under the symbol BRDR.