| March 11
March 11 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.