California company acquires ShipStation
Jun 18, 2014
Austin Business Journal
Stamps.com Inc., a California-based online postage services provider, has acquired Austin-based shipping software maker ShipStation, according to a filing with the U.S. Securities and Exchange Commission
"The acquisition of ShipStation represents a significant strategic investment in our high volume and e-commerce shipping business," said Ken McBride, Stamps.com chairman and CEO, in a June 16 statement. "E-commerce driven package shipping is the fastest growing segment within the mailing and shipping space and this acquisition will allow us to accelerate our growth in this area."
According to the filing, Stamps.com (Nasdaq:STMP) entered into an agreement with Austin-based Auctane LLC – the company that operates ShipStation – to purchase 100 percent of the equity interests of Auctane for an up-front consideration of $50 million in cash a performance-linked consideration of as many as 768,900 shares of Stamps.com common stock. Stamps.com plans for ShipStation to operate as an independent, wholly-owned subsidiary, led by the existing management team. The deal closed June 10
"The acquisition builds on the strong partnership we have developed and we look forward to continuing to build the ShipStation business with the support of the Stamps.com team," said Nathan Jones, ShipStation president and CEO, in the statement
In January, ShipStation relocated its headquarters to 2815 Exposition Blvd. to a 6,600 square feet space, which was more than double the size of its previous location at 11921 North Mopac Expressway