GLBE expands logistics capabilities and merchant base with Passport deal, targeting $100 million revenue by 2026.
Global-e Online Ltd. (NASDAQ:GLBE) agreed to acquire Passport Global Inc. for $350 million in cash and shares, with up to $75 million in contingent payments. The deal enhances Global-e’s cross-border e-commerce logistics, including carrier services, customs brokerage, and last-mile delivery support, while expanding its addressable merchant base through Passport’s non-Merchant of Record solution.
The acquisition follows strong first-quarter results for Global-e, which reported $1.74 billion in gross merchandise volume (GMV), up 40% year-over-year, and revenue growth of 33% to $252.1 million. Adjusted EBITDA rose 59% to $50.2 million, prompting the company to raise its full-year 2026 outlook across key metrics. Passport is projected to generate approximately $100 million in revenue by 2026.
The transaction underscores Global-e’s strategy to capitalize on rising global e-commerce demand, particularly in cross-border direct-to-consumer sales. The deal is expected to close in the third quarter of 2024, subject to regulatory approvals.