eBay to buy local company GSI Commerce Inc.
Internet auction giant eBay is buying out King of Prussia-based GSI Commerce. The company does e-commerce for such major retailers as Dick’s Sporting Goods.
In the short term, the move could mean fewer jobs in the region. eBay executives have told investors they’ll cut corporate overlap to the tune of 40 million dollars. That means, some GSI staff are likely facing layoffs.
But the long term prospects for the region’s development as a technology hub could be positive. Chris Wink is co-founder of the Technically Philly, the blog that reports on technology and innovation in the region. He says local companies getting bought makes others notice the region.
“Give me a thousand Philadelphia companies that exit with note, and I’ll give you a region that is seen as a real hub for technology talent and innovation, and the long term benefit of that is real,” said Wink.
GSI’s current Marketing Services Chief, Chris Saridakis, will remain in King of Prussia to head the operation at least through the end of the year.
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