NEW YORK, NY and Toronto, ON, May 4 /CNW/ - FiftyOne Global Ecommerce,
the leader in international ecommerce solutions, and Cambridge
Mercantile Group, a specialist in global payments and foreign exchange,
today announced an agreement whereby FiftyOne will transfer operational
and sales activities pertaining to its E4X Global Settlement Services
business to Cambridge Mercantile Group (Cambridge). The parties
anticipate the transfer will be complete in June 2011.
Under the terms of the agreement, Cambridge will continue to operate the
business on the existing E4X technology platform, ensuring that there
are no material changes to existing client's processes, systems, or
"FiftyOne has always been about the potential for international
ecommerce," said Michael DeSimone, Chief Executive Officer of FiftyOne.
"As our original proposition, the E4X business was critical to the
early success of the company. As we've grown, we've expanded our
proposition to encompass all facets of cross-border ecommerce. This is
where we need to focus as a business, and we see Cambridge, as the
specialist in foreign exchange, as the ideal partner to realize the
full potential of the E4X technology platform," he concluded.
E4X Global Settlement Services provide foreign exchange and global
payment services that allow merchants conducting ecommerce to sell in
local currency while receiving payment in U.S dollars. Merchants are
guaranteed the full value of each transaction in the currency of their
choice and can avail of a range of features include currency detection
tools and support for multiple payment methods.
"We are very excited about this transition and see it as an opportunity
to re-energize the E4X business by connecting it with Cambridge's deep
expertise in foreign exchange and global payments processing," said
Bernard Heitner, Chief Executive Officer of Cambridge Mercantile Group.
"Cambridge has worked closely with FiftyOne in the past and shares the
company's commitment to providing the very highest levels of service to
FiftyOne empowers leading U.S. retailers to utilize their existing
ecommerce infrastructure and online shopping experience to market,
sell, and fulfill merchandise to international shoppers with cost
certainty. FiftyOne manages all aspects of the international order life
cycle, including multi-currency pricing and payment processing, landed cost calculation, customs clearance and brokerage,
international fraud management, international logistics orchestration, and customer-experience parity. FiftyOne is powering international ecommerce for many leading U.S.
retailers, including Anthropologie, Brookstone, The Buckle, CHEFS
Catalog, Drugstore.com, Johnson & Murphy, Overstock.com, and
SureSource. The company is headquartered in New York City. For more
information, visit www.fiftyone.com.
About Cambridge Mercantile Group
For almost two decades, Cambridge Mercantile Group has been earning the
trust and respect of leading companies around the world by helping
manage their foreign exchange global payments. With offices
strategically located across North America, the United Kingdom, and, in
2011, Australia, Cambridge facilitates the secure and prompt movement
of more than 20 billion dollars annually for thousands of clients,
across a variety of industries. Cambridge helps clients administer
their foreign exchange global payments effortlessly. For more
information, visit http://www.cambridgefx.com.
SOURCE Cambridge Mercantile Group
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