E-commerce company FiftyOne picks IPO underwriters: sources
March 11 (Reuters) - E-commerce company FiftyOne has hired banks for an initial public offering that could come later this year, according to two sources familiar with the matter.
The New York-based company, which helps online retailers ship their products internationally, has selected Morgan Stanley and Barclays PLC to lead the offering, the sources said. The sources declined to be identified because the matter is private.
FiftyOne could not be reached for comment. Morgan Stanley and Barclays declined to comment.
FiftyOne works with retailers like Ann Taylor, J. Crew, Neiman Marcus, Saks Inc and Under Armour Inc to manage services related to international online retailing like localized pricing, payment processing and customs clearance. The company generates roughly $40 million in revenue, according to reports.
The company's investors include Adams Street Partners, Arko Technological Holdings, Delta Ventures, Pitango Venture Capital and Vintage Capital.
FiftyOne is looking to go public amid strong demand from retailers for international shipping services.
One of eBay Inc's key areas of planned growth is helping U.S. merchants sell oversees, which is also fueling demand for international shipping services. Amazon Inc is also spending heavily on building distribution warehouses outside the United States.