We are thrilled to announce that our Summer 2020 cohort company, ZigZag Global, has been officially acquired by Global Blue (NYSE:GB), a world leader in Tax-Free Shopping and Added Value Payment Services.
We congratulate CEO & Founder, Al Gerrie, and the entire ZigZag team for this most momentous achievement. This comes on the heels of an impressive year for ZigZag, boasting a 500% increase in processed returns for 2020 over 2019.
“It’s a fantastic exit and we’re very proud of them,” said Frances Simowitz, CEO of NUMA New York. “I think it's a testament to the type of founders that we work with— ones that have a huge potential to be successful.
ZigZag is a returns management software platform that helps retailers manage worldwide e-commerce returns and exchanges more profitably, and consumers to enjoy a smoother and enhanced return experience.
Global Blue raised $70 million via a private placement of common stock issued to new institutional investors to fully fund the ZigZag acquisition.
Jacques Stern, CEO and President of Global Blue, commented: “ZigZag is an exciting, fast-growing, emerging leader in e-commerce, specialized in the management of e-commerce returns. The synergies between the two companies are strong and will help both of us to grow faster.”
With e-commerce business booming, Global Blue will benefit from ZigZag’s e-commerce expertise and empower merchants to capture growth opportunities through Omni-channel technology and payment solutions.
“As a market leader focused on technological innovation for merchants and consumers, Global Blue is an ideal fit for ZigZag,” said Gerrie, who will remain CEO after the acquisition. “We are confident that our partnership and our ambitious joint investment plan will accelerate our growth even further.”
During the pandemic, e-commerce has rapidly expanded and that’s why an efficient returns platform, like ZigZag, is key to both mass and luxury retailers, who are experiencing exponential growth in their online sales and operations.
We love seeing our alumni thriving, and wish Al and his team continues success as part of the renowned Global Blue family!