Allen, Texas-based PFSweb has completed the sale of LiveArea, its global customer experience and commerce agency business unit, to Columbia-based Merkle, a technology-enabled, data-driven customer experience management (CXM) company within Dentsu Group’s international business, Dentsu International (Tokyo: 4324).
Merkle acquired LiveArea for total gross consideration of $250 million, estimated to result in net proceeds of approximately $185 million to $200 million, after consideration of estimated taxes and transaction-related expenses. PFSweb used a portion of the net proceeds to fully pay down its senior financing facilities.
“Under Jim Butler’s leadership, the LiveArea team has made tremendous progress in returning the business to growth over the past two years,” said Mike Willoughby, CEO of PFSweb. “We are confident they will accelerate momentum as they integrate with the Merkle team and continue supporting their clients with an even more comprehensive set of digital business capabilities.”
Willoughby concluded: “We are proud of the strong foundation we have built and expect to provide further updates on our second quarter performance and outlook for the business for the remainder of the year, including the important upcoming holiday peak.”