Global Blue buys e-commerce returns specialist ZigZag Global
Tax free shopping specialist Global Blue has acquired e-commerce returns management platform ZigZag Global.
The company, which is listed on the New York Stock Exchange, has raised $70 million via a private placement of common stock issued to new institutional investors to fully fund the deal.
ZigZag was founded in in the UK in 2015 by Al Gerrie and Laurence Guy, and originally crowdfunded before being backed by Dolphin Finance Corporation, Ascension Ventures, Plug N Play, Circularity Capital and Maersk Growth.
“The impact of Covid-19 has accelerated the shift to online we were already seeing in the market,” says Gerrie, who will remain as CEO. “It is now more important than ever that retailers invest in their returns proposition and keep pace with consumer demand.”
“This is excellent news for our customers and partners alike, the acquisition will enable us to expand our ecosystem and provide a greater quality of service across our network.”
“Now is the time to scale our returns platform and enhance the experience for retailers across the globe. We’re excited about this acquisition.”
Jacques Stern, CEO and President at Global Blue, comments: “With this first acquisition since our listing on the New York Stock Exchange in August 2020, we have the ambition to become a strategic omnichannel technology and payments partner empowering merchants to capture growth opportunities.”
“ZigZag is an exciting, fast growing, emerging leader in e-commerce. The synergies between the two companies are strong and will help both of us to grow faster.”
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