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GSI Commerce to Acquire Accretive Commerce.

Article Excerpt
Acquisition Expands GSI's Market Position; Brings 14 New Partners to GSI

KING OF PRUSSIA, Pa., Aug. 16 /PRNewswire-FirstCall/ -- Leading e-commerce solutions provider GSI Commerce Inc. , today announced it has signed a definitive agreement to acquire Accretive Commerce Inc., a Huntersville, N.C.-based e-commerce solutions provider. The acquisition will significantly expand GSI's growing partner base to nearly 80 as well as add to its infrastructure.

"Accretive Commerce and GSI Commerce are a terrific fit," said Michael G. Rubin, chairman and CEO of GSI Commerce. "Accretive Commerce's business model and focus are very similar to GSI's. Like GSI, Accretive Commerce works with a marquee group of brands and retailers. We're excited to engage with these clients and look forward to partnering with them to further grow their businesses. By expanding the scale and scope of our infrastructure, GSI will be positioned to deliver even better service to our existing base of partners."

Under the definitive agreement, which has been approved by the board of directors of both companies, GSI will acquire Accretive Commerce for $97.5 million in cash. As of August 4, 2007 (Accretive Commerce 2007 fiscal July end), Accretive Commerce had cash and marketable securities, net of debt, of $6.4 million. The acquisition, which is expected to close within 60 days, is subject to customary closing conditions and expiration...