PFSweb

Last updated
PFSweb, Inc.
Company type Public
Nasdaq: PFSW (1999-2023)
Industry
Founded1994
FounderMark C. Layton
Headquarters
Irving, Texas
,
United States
Number of locations
12
Area served
Worldwide
Key people
Zach Thomann
Number of employees
1001-5000
Parent GXO Logistics
Website PFSCommerce.com
PFSweb office Central-exterior-2018-101.jpg
PFSweb office

PFSweb, Inc. (Priority Fulfillment Services) is an eCommerce fulfillment and logistics 3PL service provider for business-to-businessf and direct-to-consumer companies. [1] PFSweb was acquired by GXO Logistics in an all-cash deal worth approximately $181 million in 2023. The company was founded in 1994. Its corporate headquarters were relocated from Allen, Texas to Irving, Texas in 2022. As of 2023, the company had 102 clients, 2.2 million square feet of warehouse space, and distribution centers in the U.S., the UK, Belgium, and Canada. [2] [3]

Contents

History

PFSweb, Inc. was founded in 1994 as Priority Fulfillment Services, Inc. (PFS) [4] by Texas-based Daisytek International Corporation. The company first specialized in running call centers for clients and then expanded to provide electronic-commerce sales and order processing, product warehousing, packaging, and fulfillment services. [5] [6] The company formed a European division, PFSweb Europe, and 10 employees working at a call and fulfillment center in Maastricht, Netherlands, and expanded its operations to include a centralized European fulfillment center in Liège, Belgium. [7] [8]

In 1999, PFSweb was spun off from Daisytek as a separately operated, publicly traded company. [9] [10] Mark C. Layton, previously president and CEO of Daisytek, became chairman, president, and chief executive of PFSweb. [11] [12]

In February 2002, the company began offering customized manufacturing and supplier inventory services.[ citation needed ]

In 2006, PFSweb named Michael Willoughby as the President of the company. [13] In February of that year, PFSweb completed the all-stock purchase of eCOST.com Inc. [14] Under the merger, the online discount retailer became a subsidiary of PFSweb. [14]

In early 2008, PFSweb formed a partnership with Demandware to expand in the e-commerce technology market. PFSweb integrated the technology with its existing services, allowing it to enter into the marketplace of End-to-End (E2E) suppliers with End2End eCommerce solution.[ citation needed ]

In February 2011, it was announced that PFSweb completed the sale of eCOST.com to PC Mall, Inc. for $2.3 million. [15] In addition, PFSweb contracted with PC Mall to provide a variety of eCommerce services, including IT and customer care to eCOST.com operations on a temporary basis. [15] In 2011, the company also formed a partnership with Shopatron to create an omni-channel commerce solution. [16]

In 2012, PFS relocated its primary contact center to a multi-floor call center facility in Renaissance Tower in downtown Dallas, along with its remote backup data center. The contact center continued to grow to approximately 400 agents at peak.

In 2013, PFSweb announced a leadership change as Mike Willoughby replaced Mark Layton as CEO of the company. [17] That year, PFSweb formed a relationship with the Japanese company transcosmos, Inc. (TCI). [18] TCI bought a 20% stake in PFSweb, and PFSweb provided its services to TCI customers. [19]

The company expanded internationally in 2015 by opening offices in Germany and the U.K. as well as expanding operations in Bangalore, India. [20] In 2018, the company expanded its U.K. operation with a new logistics center. [21]

In 2021, PFS sold the LiveArea agency to Merkle, a subsidiary of Japanese digital marketing company Dentsu, in 2020. [22] The sale allowed PFS to return to its roots in high-touch direct-to-consumer fulfillment.

GXO Logistics Acquisition

In October 2023, PFSweb was acquired by GXO Logistics for approximately $181 million. [23] [24]

Services

PFSweb is a 3PL providing eCommerce fulfillment and logistics. Their primary services include distributed order orchestration systems, order processing, and shipping. They also provide customer care and contact center services, as well as fraud protection and payment processing. [25] [26] [27] [23] [28] [29] [23] [27] [30]

Acquisitions

Clients

As of September 2023, PFSweb had 102 clients, mainly B2C [38] [39] including US Mint, Pandora (jewelry), [40] [41] L'Oreal USA, [42] [43] Champion, Wimbledon, On & Glossier.

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References

  1. ↑ PFSweb Inc. | Reuters.com Archived 2016-03-04 at the Wayback Machine Retrieved February 08, 2010.
  2. ↑ "GXO Logistics Acquires PFSweb for $181 Million". 15 September 2023.
  3. ↑ "GXO acquires luxury goods fulfillment provider PFSweb". 14 September 2023.
  4. ↑ O'Brien, Mike (2023-09-15). "GXO Logistics Acquires PFSweb for $181 Million". Multichannel Merchant. Retrieved 2024-03-06.
  5. ↑ Reporter, Staff (September 22, 1999). "Daisytek International Makes Plans To Spin Off Unit, Will Take Charges". WSJ. Retrieved 2024-03-01.
  6. ↑ Woodie, Alex (2004-05-11). "PFSweb Launches E-Commerce App for iSeries Shops". IT Jungle. Retrieved 2024-03-01.
  7. ↑ "Raytheon Aircraft Parts Inventory and Distribution (RAPID) | Aero-News Network". www.aero-news.net. Retrieved 2024-03-08.
  8. ↑ "Major jobs boost for Southampton as logistics firm announces move to city". Daily Echo. 2018-11-02. Retrieved 2024-03-08.
  9. ↑ "Daisytek Gets IRS Nod for 400,000-SF Buy". GlobeSt. Retrieved 2024-03-26.
  10. ↑ "Daisytek to acquire distribution centre from PFSweb - Channel Info". www.channelinfo.net. Retrieved 2024-03-26.
  11. ↑ Reporter, Staff. "Daisytek International Makes PlansTo Spin Off Unit, Will Take Charges". WSJ. Retrieved 2024-03-26.
  12. ↑ Hicks, Ed (September 1, 2004). "CEO Layton: Memphis must respond to change". www.bizjournals.com. Retrieved 2024-03-26.
  13. ↑ PFSweb Inc. | Reuters.com Archived 2016-03-03 at the Wayback Machine Retrieved February 08, 2010.
  14. 1 2 "PFSweb completes merger with eCost.com". www.bizjournals.com. Feb 1, 2006. Retrieved 2024-03-15.
  15. 1 2 Brohan, Mark (2011-02-22). "PC Mall acquires the assets of web retailer eCost.com". Digital Commerce 360. Retrieved 2024-03-12.
  16. ↑ PFSweb Launches Omnichannel Commerce Tool | InternetRetailer.com Retrieved November 21, 2012.
  17. ↑ MarketScreener (2013-03-27). "PFSweb Inc. Announces Management Changes -March 26, 2013 at 09:00 pm EDT | MarketScreener". www.marketscreener.com. Retrieved 2024-03-26.
  18. ↑ PFSweb Announces Strategic Relationship with transcosmos and Receives $14.7 Million Equity Investment | businesswire.com Retrieved May 15, 2013
  19. ↑ "PFSweb Benefiting From ECommerce Growth And Acquisitions".
  20. ↑ "PFSweb Opens Two Additional European Sales Offices". Yahoo Finance. 2014-11-19. Retrieved 2024-03-26.
  21. ↑ "Major jobs boost for Southampton as logistics firm announces move to city". Daily Echo. 2018-11-02. Retrieved 2024-03-26.
  22. ↑ "PFSweb to Sell LiveArea Business to Merkle for $250 Million". July 6, 2021.
  23. 1 2 3 Solomon, Mark (2023-09-14). "GXO acquires luxury goods fulfillment provider PFSweb". FreightWaves. Retrieved 2024-03-20.
  24. ↑ "GXO Logistics Acquires PFSweb for $181 Million". 15 September 2023.
  25. ↑ "PFSW Stock Overview".
  26. ↑ "Major jobs boost for Southampton as logistics firm announces move to city". 2 November 2018.
  27. 1 2 O'Brien, Mike (2023-09-15). "GXO Logistics Acquires PFSweb for $181 Million". Multichannel Merchant. Retrieved 2024-03-20.
  28. ↑ "GXO acquires luxury goods fulfillment provider PFSweb". 14 September 2023.
  29. ↑ "GXO Logistics Acquires PFSweb for $181 Million". 15 September 2023.
  30. ↑ "Major jobs boost for Southampton as logistics firm announces move to city". 2 November 2018.
  31. ↑ "PFSweb Benefiting From ECommerce Growth And Acquisitions".
  32. ↑ "EBay May Finally Have a Serious Rival if Speed Commerce, PFSweb Merge". 30 December 2014.
  33. ↑ "PFSweb Benefiting From ECommerce Growth And Acquisitions".
  34. ↑ "EBay May Finally Have a Serious Rival if Speed Commerce, PFSweb Merge". 30 December 2014.
  35. ↑ "PFSweb Benefiting From ECommerce Growth And Acquisitions".
  36. ↑ "PFSW Acquires MODA Superbe".
  37. ↑ "PFSW Acquires Conexus".
  38. ↑ "GXO Logistics Acquires PFSweb for $181 Million". 15 September 2023.
  39. ↑ "GXO acquires luxury goods fulfillment provider PFSweb". 14 September 2023.
  40. ↑ https://seekingalpha.com/article/3785086-pfsweb-benefiting-from-ecommerce-growth-and-acquisitions
  41. ↑ "Major jobs boost for Southampton as logistics firm announces move to city". 2 November 2018.
  42. ↑ https://seekingalpha.com/article/3785086-pfsweb-benefiting-from-ecommerce-growth-and-acquisitions
  43. ↑ "Major jobs boost for Southampton as logistics firm announces move to city". 2 November 2018.
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