Pitney Bowes (Stamford, Connecticut), a global technology company that provides commerce solutions in the areas of e-commerce, shipping, mailing, data, and financial services, has announced that it’s entered into a definitive agreement to sell its Software Solutions Business to Syncsort (Pearl River, New York) for $700 million (USD) in cash. The transaction is expected to close before the end of this year, pending regulatory approvals and other customary closing conditions. The company plans to use the majority of the net proceeds from the sale to pay down near-term debt maturities.
“Our software and data business has made great progress over the last few years, achieving two consecutive years of growth, and I’m very confident of the prospects for this business going forward,” said Marc B. Lautenbach, President and CEO. “We’ve always said, however, if a business was worth more to someone else than to us, we would consider a sale. The sale of our Software Solutions Business to Syncsort confirms that philosophy. Our software and data business, together with Syncsort, provides instant scale that creates value for our clients, partners, and the Pitney Bowes Software Solutions team. While it’s never easy to make these kinds of decisions, I’m convinced that this is the right thing to do for the long term. Pitney Bowes will move forward as a streamlined, global technology company focused on shipping, mailing and related financial services, that operates in markets where we have true competitive advantage.”