President and CEO John Donahoe said GSI will enhance the company’s position as “global commerce partner of choice for retailers and brands”.
“Technology is changing how consumers shop, and retailers and brands are changing how they compete,” he said.
“With its complementary strengths, GSI will extend the power of our portfolio. With eBay, PayPal, GSI and our global platform capabilities, we are focused on delivering new ways for retailers and brands of all sizes – from sole proprietors to large merchants – to drive innovation, engage customers and help people shop anytime, anywhere and on any device.”
With more than 180 customers across 14 merchandise categories, GSI has long-term commerce services relationships with leading retailers and brands.
As part of the transaction, eBay will divest 100 per cent of GSI’s licensed sports merchandise business and 70 pe rcent of ShopRunner and Rue La La. eBay believes these businesses are not core to its long-term growth strategy. These assets will be sold to a newly formed holding company, which will be led by GSI founder and CEO Michael Rubin.
eBay said it expects the acquisition of GSI closes mid-third quarter.