SINGAPORE - Singapore Post will acquire a 71.1 per cent stake in Jagged Peak, a US e-commerce logistics platform for S$22.5 million, a stake that will expand SingPost's eCommerce footprint across continents.
The acquisition, through its indirect wholly-owned subsidiary, SP Jagged Peak LLC, is in line with SingPost's aspirations to build an end-to-end logistics network and platform online. It will also enable SingPost to support customers globally and move products more efficiently to consumers using Jagged Peak's technological prowess.
Jagged Peak, which services more than 20 warefhousing facilities across US, Canada and Europe, had recorded revenues to the tune of US$61.7 million for the year ended Dec 2014.
"As SingPost pioneers and leads e-commerce logistics in Asia-Pacific, we are casting our eyes beyond the region," SingPost chairman Lim Ho Kee said in a press release issued on Friday.
SingPost intends to invest in Jagged Peak's eCommerce logistics infrastructure, processes and technology to help customers maximise their business potential globally, the release added.