RealTime IT News

Stamps.com to Buy iShip.com

Stamps.com Monday acquired leading Net shipping companyiShip.com in a deal valued at approximately $300 million.

The deal makes Stamps.com (STMP) the first online service to offer small business and corporate enterprise customers a sole source for mailing and shipping needs.

Now clients have one-stop access to mailing, shipping and tracking services with the combination of iShip's multi-carrier shipping technology and Stamps.com's Net postage service.

Stamps.com will fork over 8 million shares of its stock for all outstanding shares, options and warrants of iShip. iShip brings an impressive clientele list to the table, including eBay (EBAY), Intel (INTC) and Mail Boxes, Etc (MBE).

"This acquisition will revolutionize the way mailing and shipping services are offered," said Stamps.com Chief Financial Officer John Payne."Eighty-five percent of all e-commerce packages are shipped through the U.S. Postal Service and UPS."

Last week, Stamps.com and America Online Inc. (AOL) struck a three-year deal that will make Stamps.com the exclusive provider of Internet postage across the AOL network.

Also last week, Stamps.com launched its online postage service, enabling consumers to print usable postage from their homes and businesses using only a computer, printer and Net connection.