PFSweb Announces Strategic Relationship with transcosmos and Receives $14.7 Million Equity Investment
15 Maggio 2013 - 2:00PM
Business Wire
PFSweb, Inc. (Nasdaq: PFSW), an international provider of
end-to-end eCommerce solutions, today announced that it has entered
into a strategic relationship with transcosmos inc. (TSE: 9715)
(“TCI”), including signing a definitive agreement for an equity
investment. TCI is a leading outsourcing provider of call center,
business process and digital marketing services based in Tokyo,
Japan with operations primarily in Japan, South Korea and
China.
“Executing on this opportunity with TCI will differentiate
PFSweb as a truly global end-to-end multi-channel eCommerce service
provider,” said Mike Willoughby, CEO of PFSweb. “Through this
relationship, PFSweb will be able to leverage its iCommerce
omni-channel commerce solution to immediately seek to enable
selected current TCI clients to launch their brands in North
America and Europe. We will also look to combine our iCommerce
solution with TCI’s Asian market capabilities, including
best-of-breed strategy and analytics, interactive marketing
services, eCommerce web site development and customer care services
to enable current and prospective PFSweb clients to efficiently and
effectively move into these valuable Asian markets.”
As part of the agreement, TCI will acquire 3,214,369 shares of
PFSweb common stock, equivalent to 19.99% of shares outstanding
post transaction, at a price of $4.57 per share, representing a
7.5% premium to the Company’s closing price on May 14, 2013. In
addition, a TCI representative will join PFSweb’s Board of
Directors. Pursuant to the terms of the transaction, TCI is
permitted to acquire up to an additional 5% of the Company's
outstanding Common Stock, is subject to a two year lock-up and a
customary standstill. The Company and TCI also entered into a
customary registration rights agreement.
“We believe that by making an equity investment in PFSweb, TCI
has demonstrated its commitment to making this alliance a success.
This is important for us as we look to expand our clients’
eCommerce solutions into Asia, as well as the expansive portfolio
of TCI clients seeking to utilize PFSweb’s solutions to expand
their eCommerce solutions into the U.S. and Europe,” continued Mr.
Willoughby.
Key strategic benefits of the TCI relationship
include:
- TCI’s Asian-based Clients:
PFSweb seeks to develop new client opportunities from TCI’s clients
seeking to expand their eCommerce programs into North America and
Europe.
- Global Expansion: The ability to
provide existing PFSweb clients with services in Japan, China and
South Korea, and potential engagements with brands in Brazil, India
and Russia where PFSweb currently does not have a presence.
- Financial Flexibility: PFSweb
will use the cash proceeds to accelerate its growth initiatives,
including domestic and global expansion and potential investments
and acquisitions.
- Expanded eCommerce Services
Bandwidth: PFSweb will be able to draw upon TCI’s pool of 800+
web developers to augment PFSweb’s global Demandware practice as
well as TCI’s 2,500+ digital marketing specialists in Asia.
- Expanded Call Centers
Capabilities: PFSweb will have the opportunity to utilize TCI’s
global footprint of world-class call centers to complement its
existing call center capabilities, and expand the capability to 10
different languages, including Japanese, Chinese, Korean, English,
French, German, Italian, Spanish, Portuguese and Dutch.
First Quarter 2013 Conference
Call
Management will provide additional details on the transaction
during its first quarter 2013 earnings conference call, which is
scheduled for 11:00 am Eastern Time (10:00 am Central Time) on
Wednesday, May 15, 2013.
To listen to the call, please dial (888) 562-3356 and enter pin
number 69039308 at least five minutes before the scheduled start
time. Investors can also access the call in a “listen only” mode
via the Internet at the Company’s website, www.pfsweb.com or
www.kcsa.com. Please allow extra time prior to the call to visit
the site and download any necessary audio software.
A digital replay of the conference call will be available
through June 14, 2013 at (855) 859-2056, pin number 69039308. The
replay also will be available at the Company’s website for a
limited time.
About transcosmos Inc. (TSE: 9715) (“TCI”)
transcosmos launched operations in 1966. Since then it has
combined superior “human resources” with the most up-to-date
“technological” capabilities to enhance the competitive strength of
its corporate clients by providing them with high value added and
superior services. It provides overall IT outsourcing services such
as Call Center Services, Business Process Outsourcing Services, and
Digital Marketing Services either as standalone solution or as
combined services to its corporate clients to optimize their
marketing efficiencies, to expand sales and gain new customers in
EC business, and to reduce clients operational cost. Further, these
services have been expanded beyond Japan, globally, centered in
Asia. transcosmos aims to be the “Global IT Partner” of its
corporate clients to provide them with high quality outsourcing
services on a global scale.
About PFSweb, Inc.
PFSweb is engaged by iconic brands to enable and manage
customized eCommerce and omni-channel commerce initiatives.
PFSweb’s iCommerce Hub(SM) technology ecosystem offers retailers a
multi-channel order management system that allows partner/client
data integration and international payment processing. PFSweb’s
iCommerce Professional Service(SM) provides interactive marketing
services, eCommerce web site development and support services, IT
development services, content management, customer intelligence and
relationship and account management services. PFSweb’s iCommerce
Centers of Excellence(SM) provides global fulfillment and
logistics, high-touch customer care, client financial services and
technology hosting.
Together, PFSweb’s iCommerce Solutions allows for international
reach and expertise in both direct-to-consumer and
business-to-business initiatives. PFSweb supports organizations
across multiple industries including Procter & Gamble, L’Oreal,
LEGO, Columbia Sportswear, Sorel, Carter’s, AAFES, Riverbed, Ricoh,
Hawker Beechcraft Corp, Roots Canada Ltd., Diageo, BCBGMAXAZRIA,
BCBGENERATION and HERVÉ LÉGER BY MAX AZRIA. PFSweb is headquartered
in Allen, TX with additional locations in Tennessee, Mississippi,
Canada, Belgium, and the Philippines.
To find out more about PFSweb (NASDAQ: PFSW), visit the
company’s website at http://www.PFSweb.com.
The matters discussed herein consist of forward-looking
information under the Private Securities Litigation Reform Act of
1995 and is subject to and involves risks and uncertainties, which
could cause actual results to differ materially from the
forward-looking information. PFSweb's Annual Report on Form 10-K
for the year ended December 31, 2012 identifies certain factors
that could cause actual results to differ materially from those
projected in any forward looking statements made and investors are
advised to review the Annual and Quarterly Reports and the Risk
Factors described therein. PFSweb undertakes no obligation to
update publicly any forward-looking statement for any reason, even
if new information becomes available or other events occur in the
future. There may be additional risks that we do not currently view
as material or that are not presently known.
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