Borderfree, Inc. (BRDR) 10-Q Quarterly Report May 2015

NEW YORK - May 5, 2015 - Borderfree (NASDAQ: BRDR), a market leader in global ecommerce, today announced financial results for the quarter ended March 31, 2015. The company also announced that it signed a definitive agreement to be acquired by Pitney Bowes Inc. (NYSE: PBI) for $14.00 per share in cash.

Pitney Bowes Acquisition of Borderfree

“Over the last eight years, we’ve built Borderfree into a market leader in global ecommerce,” said Michael DeSimone, Chief Executive Officer of Borderfree. “We’re excited to join forces with Pitney Bowes, a global technology company offering innovative products and solutions that enable commerce globally. Pitney Bowes’ technology, commerce and logistics expertise will help accelerate our growth and the ability for our combined businesses to realize our full potential as a leader in the dynamic global ecommerce market.”

“The combination of Borderfree’s cross-border ecommerce capabilities with our own solutions expands our portfolio of offerings and extends our global reach,” said Marc B. Lautenbach, President and Chief Executive Officer, Pitney Bowes. "We've had a long-standing relationship with Borderfree and know the company well. Together, we have a significant opportunity to help our clients expand and grow by providing a comprehensive range of complementary, cross-border ecommerce solutions in the fast-growing global ecommerce marketplace."

The board of directors of both companies approved the transaction, which is subject to customary closing conditions, including regulatory approval. Until the transaction is closed, both companies will continue to operate independently.

First Quarter 2015 Financial Results

In light of the pending acquisition by Pitney Bowes, Inc., the previously scheduled conference call to discuss first quarter 2015 financial results has been canceled.

“We are making excellent progress against our 2015 strategic priorities and continue to position our business for long-term growth,” said Michael DeSimone, Chief Executive Officer of Borderfree. “Our expansion into Europe is ahead of schedule and we continue to see a strong response to BFX in both the US and UK markets. We are expanding our relationship with Alipay to make ePass available to the Borderfree network of retailers and maximize the opportunity for our customers in China.”

Key Metrics



	Three Months Ended
	March 31,
	2015		2014
	(Dollars in thousands)
Gross merchandise volume	$	100,025	$	112,947
Number of customer ecommerce sites	173		161

The following information was filed by Borderfree, Inc. (BRDR) on Wednesday, May 6, 2015 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Borderfree, Inc. provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Ticker: BRDR
CIK: 1277141
Form Type: 10-Q Quarterly Report
Accession Number: 0001277141-15-000036
Submitted to the SEC: Thu May 07 2015 5:07:31 PM EST
Accepted by the SEC: Thu May 07 2015
Period: Tuesday, March 31, 2015
Industry: Business Services