FedEx Acquires Bongo Int'l

(RTTNews) - Packaged delivery giant FedEx Corp (FDX) said on Tuesday it acquired Bongo International, a leader in cross border enablement technologies and solutions. FedEx said the deal complements and expands its portfolio of offerings important to the rapidly growing global e-commerce marketplace. The financial terms of the deal were not disclosed.

Bongo'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'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 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 Michael Glenn, FedEx Executive Vice President, Market Development and Corporate Communications. "Bongo'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."

Bongo International is headquartered in St. Petersburg, Fla. and will operate as a subsidiary of FedEx Trade Networks.