American Express and Li & Fung Group are set to exit the cross-border e-commerce specialist in an acquisition by Global-e.

Cross-border e-commerce services provider Global-e agreed on Wednesday to acquire US-based cross-border e-commerce tools provider Flow Commerce for up to $500m, marking an exit for corporates American Express and Li & Fung Group.

The deal involves a base payment of $425m and another $75m contingent on certain financial milestones in 2021.

Founded in 2015, Flow has developed artificial intelligence-equipped software that helps brands reach customers in external markets, factoring in localised payments, international shipping and sales taxes.

The deal will…

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Fernando Moncada Rivera

Fernando Moncada Rivera is a reporter at Global Corporate Venturing and also host of the CVC Unplugged podcast.
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