FedEx To Buy E-commerce Platform ShopRunner

(RTTNews) - FedEx Corp. (FDX) have agreed to buy e-commerce platform ShopRunner to expand its e-commerce portfolio.

The financial details of the deal was not revealed. The acquisition is expected to close by 2020-end, and it is subject to customary closing conditions, including regulatory approval.

"We are committed to growing the ShopRunner platform and combining it with our global digital and logistics intelligence to create new possibilities in eCommerce," FedEx President and COO Raj Subramaniam said in a press release announcing the deal.

Headquartered in Chicago, ShopRunner will operate as a subsidiary of FedEx Services after the merger.

Sam Yagan, CEO of ShopRunner, said, "In pursuit of our purpose of creating the future of retail, we have built the foundation of a cross-brand ecosystem to create a simple shopping experience for consumers and to aggregate the scale of our network for our partners' benefit. The unparalleled reach and assets of FedEx will accelerate our existing capabilities and align with our goal of creating new products and services that advance a more open, collaborative e-commerce ecosystem."