PFSweb Completes Sale of LiveArea Business to Merkle
27 Août 2021 - 3:00PM
PFSweb, Inc. (NASDAQ: PFSW), a global commerce services company,
announced that it has completed the sale of LiveArea, its global
customer experience and commerce agency business unit, to Merkle,
Inc., a leading technology-enabled, data-driven customer experience
management (CXM) company within Dentsu Group’s international
business, Dentsu International (Tokyo: 4324).
Merkle acquired LiveArea for total gross consideration of $250
million, estimated to result in net proceeds of approximately $185
million to $200 million, after consideration of estimated taxes and
transaction related expenses. PFSweb used a portion of the net
proceeds to fully pay down its senior financing facilities.
“Under Jim Butler’s leadership, the LiveArea team has made
tremendous progress in returning the business to growth over the
past two years,” said Mike Willoughby, CEO of PFSweb. “We are
confident they will accelerate momentum as they integrate with the
Merkle team and continue supporting their clients with an even more
comprehensive set of digital business capabilities. I would like to
thank Jim and his team for their contributions to our company and
clients.”
Willoughby concluded: “Having successfully completed the sale of
LiveArea, we will keep working to maximize PFS’s growth through
continued high quality client service and operational efficiency.
We are proud of the strong foundation we have built and expect to
provide further updates on our second quarter performance and
outlook for the business for the remainder of the year, including
the important upcoming holiday peak.”
As announced on August 9, 2021, PFSweb will be accounting for
the LiveArea divestiture as a discontinued operation on its
upcoming second quarter earnings report, which has been delayed by
the work required to close this transaction and prepare the
required financial reporting and other related requirements for
this divestiture, including the NASDAQ listing requirements. The
company is working towards the completion of the accounting process
with the objective of filing the Form 10-Q with the Securities and
Exchange Commission prior to the NASDAQ due date on October 11,
2021 for submission of the company’s actions and plan to be in
compliance with the listing requirements.
Raymond James acted as exclusive financial advisor to PFSweb in
the transaction. FisherBroyles, LLP acted as legal counsel to
PFSweb in the transaction.
Exploration of Strategic AlternativesAs
announced on July 6, 2021, PFSweb has engaged Raymond James to lead
the exploration of a full range of strategic alternatives for its
remaining business, PFS. This broader exploration process is still
underway.
“The completion of this LiveArea transaction represents an
important step in our strategic alternatives process,” said Monica
Luechtefeld, chair of PFSweb’s board of directors. “We will
continue working with our advisors to evaluate a broad range of
alternatives to optimize shareholder value.”
The company has not established a timeline for completion of
this strategic review process, and it does not intend to comment
further regarding the review process unless or until a specific
transaction is approved by its board of directors or shareholders,
the review process is concluded, or it has otherwise determined
that further disclosure is appropriate or required by law.
Forward-Looking InformationThis press release
contains 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. You can identify
these forward-looking statements by words such as “may,” “will,”
“would,” “should,” “could,” “expect,” “anticipate,” “believe,”
“intend,” “plan,” “potential,” “project,” “seek,” “strive,”
“predict,” “continue,” “target,” “estimate”, and other similar
expressions. These forward-looking statements involve risks and
uncertainties and may include assumptions as to how we may perform
in the future, including the impact of the COVID-19 pandemic on our
business, results of operations and global economic conditions.
Although we believe the expectations reflected in our
forward-looking statements are reasonable, we cannot guarantee
these expectations will actually be achieved. The Company’s Annual
Report on Form 10-K, as amended, for the year ended December 31,
2020 and any subsequent amendments or quarterly reports on Form
10-Q identify 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 periodic
reports of the company and the Risk Factors described therein. The
Company 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.
About PFSPFS, the business unit of PFSweb, Inc.
(NASDAQ: PFSW) is a premier eCommerce order fulfillment provider.
We facilitate each operational step of an eCommerce order in
support of DTC and B2B retail brands and specialize in health &
beauty, fashion & apparel, jewelry, and consumer packaged
goods. Our scalable solutions support customized pick/pack/ship
services that deliver on brand ethos with each order. A proven
order management platform, as well as high-touch customer care,
reinforce our operation. With 20+ years as an industry leader, PFS
is the BPO of choice for brand-centric companies and household
brand names, such as L’Oréal USA, Champion, Pandora, Shiseido
Americas, Kendra Scott, the United States Mint, and many more. The
company is headquartered in Allen, TX with additional locations
around the globe. For more information, visit www.pfscommerce.com
or ir.pfsweb.com for investor information.
Investor Relations:Cody Slach and Jackie
KeshnerGateway Investor
Relations1-949-574-3860PFSW@gatewayir.com
Pfsweb (NASDAQ:PFSW)
Graphique Historique de l'Action
De Juin 2024 à Juil 2024
Pfsweb (NASDAQ:PFSW)
Graphique Historique de l'Action
De Juil 2023 à Juil 2024