FedEx Expanding Cross Border Enablement Solutions with Acquisition of Bongo International
FedEx Corp. (NYSE:FDX) announced today that it acquired Bongo International, a leader in cross border enablement technologies and solutions. Bongo International’s capabilities complement and expand the FedEx portfolio of offerings important to the rapidly growing global e-commerce marketplace.
Bongo International’s technology and processes provide a comprehensive and integrated end-to-end solution that helps retailers and e-tailers grow by reaching international e-commerce consumers. Bongo International’s capabilities include duty and tax calculations; export compliance management; HS classification; currency conversions; international payment options inclusive of language translation; shopping cart management and fraud protection.
With a base of over 2,000 retailers across Europe, the UK and U.S., Bongo International is currently delivering cross border enablement solutions to more than 200 countries worldwide.
“We anticipate global e-commerce to continue on a double digit growth trajectory,” said T. Michael Glenn, FedEx Corporation Executive Vice President, Market Development and Corporate Communications. “Bongo International’s end-to-end cross border enablement capabilities will greatly enhance the FedEx portfolio of global e-commerce solutions and provide customers with unmatched flexibility to establish and expand their international business and customer base.”
“Our knowledge and experience within the evolving cross border enablement environment, as well as our customer-centric culture, is a perfect fit with FedEx. We’re excited about joining the FedEx family,” said Craig Turnbull, Bongo International Co-Founder and Chief Executive Officer. “Our collective cross border and transportation solutions will catapult our customers’ global e-commerce business capabilities.”
Bongo International is headquartered in St. Petersburg, Fla. and will operate as a subsidiary of FedEx Trade Networks.
About FedEx Corp.
FedEx Corp. (NYSE: FDX) provides customers and businesses worldwide with a broad portfolio of transportation, e-commerce and business services. With annual revenues of $46 billion, the company offers integrated business applications through operating companies competing collectively and managed collaboratively, under the respected FedEx brand. Consistently ranked among the world's most admired and trusted employers, FedEx inspires its more than 300,000 team members to remain "absolutely, positively" focused on safety, the highest ethical and professional standards and the needs of their customers and communities. For more information, visit about.van.fedex.com/newsroom.
About Bongo International
Bongo International helps consumers and businesses overcome the obstacles associated with international e-commerce shipments and orders. Bongo International supports more than 250,000 customers in more than 200 countries, as well as EU, UK and U.S. online retailers through a comprehensive end-to-end suite of solutions covering accurate duty and tax calculations; export compliance management; HS classification; currency conversions; international payment options inclusive of language translation; shopping cart management; fraud protection.
Certain statements in this press release may be considered “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995 with respect to future events and financial performance. These forward-looking statements involve risks and uncertainties. Actual results may differ materially from those contemplated (expressed or implied) by such forward-looking statements, because of, among other things, economic conditions in the global markets in which we operate, the impact of any international conflicts or terrorist activities, disruptions to the Internet or our technology infrastructure, the impact of changes in fuel prices and foreign currency exchange rates and adverse weather conditions or natural disasters, as well as the other risks and uncertainties you can find in FedEx’s and its subsidiaries’ press releases and SEC filings, including the risk factors in FedEx’s most recent annual report on Form 10-K, as updated by FedEx’s quarterly reports on Form 10-Q.
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October 12, 2018
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