GE Sells Global Exchange BTB Unit for $800 Million

Share this content:
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."


Loading links....
close

Next Article in Multichannel Marketing

Sign up to our newsletters

Company of the Week

Since 1985, Melissa Data has helped thousands of companies clean, correct and complete contact data to better target and communicate with their customers. We offer a full spectrum of data quality solutions, including global address, phone, email, and name validation, identify verification - available for batch or real-time processes, in the Cloud or on-premise. Our service bureau provides dedupe, email/phone append and geographic/demographic append services for better targeting and insight. For direct mailers, Melissa Data offers easy-to-use address management/postal software, list hygiene services and 100s of specialty mailing lists - all with competitive pricing and excellent customer service.

Find out more here »

DMN's Career Center

Check out hundreds of exciting professional opportunities available on DMN's Career Center.  
Explore careers in digital marketing, sales, eCommerce, marketing communications, IT, data strategies, and much more. And don't forget to update your resume so employers can contact you privately about job opportunities.

>>Click Here