GE Sells Global Exchange BTB Unit for $800 Million

Share this article:
General Electric Co. will sell 90 percent of its struggling business-to-business e-commerce unit to technology buyout fund Francisco Partners for $800 million, the companies said yesterday.


The boards of both companies have approved the sale of the unit, GE Global Exchange, or GXS. The deal is expected to close by Oct. 31. Havey Seegers, president/CEO of GXS will continue to head the unit. GE said it expects to see a pre-tax gain of $500 million from the sale.


GXS, Gaithersburg, MD, serves 100,000 trading partners with 1 billion annual transactions accounting for $1 trillion in goods and services being bought and sold.


"GXS employees have done a great job building a very successful company," Gary Reiner, GE's chief information officer, said in a statement. "However, GXS does not fit GE's core services and growth strategies."


Share this article:
You must be a registered member of Direct Marketing News to post a comment.
close

Next Article in Multichannel Marketing

Sign up to our newsletters

Follow us on Twitter @dmnews

Latest Jobs:

More in Multichannel Marketing

Wine.com Uncorks New Digital Marketing Opportunities

Wine.com Uncorks New Digital Marketing Opportunities

The online wine retailer's strategy incorporates different flavors and depths.

93% of Companies Are Ineffective at Cross-Channel Marketing

93% of Companies Are Ineffective at Cross-Channel Marketing ...

Companies point to a lack of resources as the most common reason for lackluster marketing integration, a study says.

Metal Mulisha Races Towards Customization

Metal Mulisha Races Towards Customization

The motocross apparel company boosts mobile and Web conversions through product recommendations and personalized search.