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:
close

Next Article in Multichannel Marketing

Sign up to our newsletters

Follow us on Twitter @dmnews

Latest Jobs:

More in Multichannel Marketing

Generating Loyalty for Brands and Retailers in an Omnichannel World

Generating Loyalty for Brands and Retailers in an ...

Harnessing personas, loyalty programs, and new technologies can help marketers better connect with customers.

News Byte: Salesforce Forms Unit to Focus on Verticals

News Byte: Salesforce Forms Unit to Focus on ...

The industries business unit, led by ex-White House CIO Vivek Kundra, will serve six industry groupings.

Columbia U. Puts the "Do" in "Donation"

Columbia U. Puts the "Do" in "Donation"

Columbia University raises nearly $7 million in donations in just 24 hours with a combination of social media, live events, and gamification.