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WeCommerce Closes Acquisition of Singapore-based eCommerce Platform Stamped
Thursday 08 April 2021

Canada-based ecommerce technology holding company WeCommerce Holdings Ltd. has closed the acquisition of substantially all of the assets of Singapore-based ecommerce platform Pte. Ltd. for up to USD 110m, the company said.

The upfront consideration consists of USD 85m, comprised of USD 75m in cash and USD 10m in common shares of WeCommerce.

Stamped is an SaaS platform enabling online merchants to implement and manage customer reviews and loyalty programs through Shopify and other ecommerce platforms.

The upfront cash consideration will be funded through a combination of cash on hand and a senior secured credit facility with a syndicate of lenders led by JPMorgan Chase Bank, N.A. from which the company has received aggregate financing commitments of USD 77m.

In addition to financing the acquisition, WeCommerce plans to use the proceeds of the Credit Facility to finance the working capital needs and for general corporate purposes of the company and its subsidiaries in the ordinary course of business; finance future acquisitions; and repay existing indebtedness.
Date Published: 08/04/2021