One of the Triangle’s largest publicly traded companies, ChannelAdvisor, is being acquired by a fellow e-commerce business.
CommerceHub, a private company based in Albany, New York, has agreed to purchase ChannelAdvisor for $23.10 a share, more than 50% above its last closing price, according to a joint press release from the two companies.
News of the acquisition sent ChannelAdvisor’s stock soaring Tuesday, up around 55% at midday.
ChannelAdvisor, headquartered in Morrisville, offers retailers ways to better connect with customers online. The company was cofounded in 2001 by Triangle entrepreneur Scot Wingo, who went on to form the on-demand car service startup Spiffy and the investment firm Triangle Tweener Fund.
ChannelAdvisor had around 850 employees across seven countries, with 368 full-time workers in the Triangle. In 2021, the company reported revenue of $167.7 million, 15.6% higher than the previous year. This ranks it among the top 20 largest public companies in the Triangle, though ChannelAdvisor will cease being publicly traded if the acquisition goes through.
CommerceHub helps clients sort through the logistics of e-commerce, like deliveries and shipping. Leaders from the two companies anticipate the sale will be finalized by the end of this year.
“CommerceHub and ChannelAdvisor have both established themselves as leading solutions for different segments of online retailers and brands,” CommerceHub CEO Bryan Dove said in the Tuesday release. “By coming together, we can provide an even broader network, enabling our combined customers to grow their businesses by discovering new products, new brands, and new channels.”
ChannelAdvisor CEO David Spitz echoed Dove’s optimism, saying “this transaction positions the combined company to accelerate innovation and help shape the future of commerce.”
This story was produced with financial support from a coalition of partners led by Innovate Raleigh as part of an independent journalism fellowship program. The N&O maintains full editorial control of the work.
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This story was originally published September 6, 2022 1:12 PM.
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