Packable, a Leading Technology-Led E-Commerce Marketplace Enablement Platform, Announces Merger With Highland Transcend Partners I Corp.
Summary
Packable operates in the third-party (“3P”) space across 7 online marketplaces in North America, including Amazon -- where Pharmapacks is the largest 3P seller in the US by number of reviews -- Walmart, eBay, Target, Kroger, and Google Shopping, among others, and also manages several direct-to-consumer (“DTC”) sites on behalf of brands. “This is an incredibly exciting time for our team, and we are thrilled to partner with Highland Transcend as we plan to enter our next chapter as a public company,” said Packable Co-Founder and CEO Andrew Vagenas. As a result of the transaction, Packable expects to add approximately $434 million in cash on its balance sheet to support the Company’s current market leadership and enable opportunities to enhance growth, profitability and geographic and multi-marketplace expansion assuming no shareholder redemptions. Packable is a leading e-commerce company with a proprietary technology platform that empowers brands with a complete and cost-effective logistics, fulfilment, data science, digital marketing and sales solution. Highland Transcend intends to pursue a target in the disruptive commerce, digital media and services, and enterprise software sectors, with a primary focus on North American and European markets.