Pitney Bowes, a global technology company that provides products and solutions that power commerce, has announced the successful completion of the sale of its Imagitas Marketing Services business to Red Ventures for $310 million (USD) in cash, subject to future adjustment. The company expects proceeds from the sale of approximately $280 million – net of estimated closing costs, transaction fees and taxes.
This transaction is the latest in a series of actions that the company has taken to “unlock greater value for shareholders, while increasing its focus on clients in the markets where it can lead.” Its Imagitas business generated $128 million in revenue in 2014. The company will provide more detail about the expected impact of this transaction during its scheduled discussion of second quarter results on July 30.
Founded in 2000 and headquartered just south of Charlotte, North Carolina, Red Ventures employs more than 2,100 people and is the USA’s largest technology-enabled platform for growing sales and marketing businesses. Its expertise spans multiple industries including home services, energy, financial services, insurance and software – and includes online marketing, telephone sales and building technology infrastructure. Basically, the company uses data to optimize and improve the entire customer lifecycle – from demand generation to closing the sale – for some of the USA’s largest and most popular brands.