Dubai - Mubasher: Aramex has completed the acquisition of US-based technology-driven and cross-border e-commerce enabling platform Access USA Shipping (MyUS) for nearly $265 million.

The bargain marks the UAE-based firm’s largest acquisition to date, according to a press release.

Following the transaction, MyUS will be fully integrated into Aramex’s business, becoming a unit within the latter’s courier operation segment. Maintaining its brand name, MyUS will be complementary to Aramex’s platform Shop & Ship.

The acquisition will boost the DFM-listed company’s cross-border express business by increasing shipment volumes and expanding its customer base.

In a bourse filing, Aramex noted that the transaction will reflect on its income statements at the end of the fourth quarter (Q4) of 2022, expecting a positive impact of $30 million in earnings before interest, taxes, depreciation, and amortisation (EBITDA) during 2023.

In 2021, MyUS registered over $100 million in revenue and delivered 1.10 million packages to customers in the US, the UK, and China.

Othman Aljeda, CEO of Aramex, said: “Our shareholders will immediately see the impact on financial performance, and over the long term we can unlock further value through operational and cost synergies.”

Ramesh Bulusu, CEO of MyUS, indicated: “Together with Aramex, we will work on developing a joint business plan to unlock revenue and operational synergies to help grow the cross-border e-commerce business and bring customers the best solutions and services.

Bulusu added: “Ultimately, our goal under Aramex’s ownership is to accelerate our growth in a fragmented multi-trillion-dollar global e-commerce market.”

In the first half (H1) of 2022, Aramex achieved net profits worth AED 91.87 million, an annual drop of 18% from AED 111.47 million.