Pitney Bowes (Stamford, Connecticut), a global technology company that provides solutions in the areas of e-commerce, shipping, mailing and financial services, has announced that the previously disclosed sale of its Software Solutions Business to Syncsort for $700 million in cash has been completed (with the exception of its software and data business in Australia, which is expected to close in the first quarter of 2020, subject to regulatory approval). Net proceeds from the sale (after closing costs, transaction fees and taxes) will be used primarily to pay down debt. In the third and fourth quarter, the company repaid term loans, secured a new term loan and replaced its revolving credit facility. Pitney Bowes first announced the sale of its Software Solutions Business to Syncsort in August of 2019. Goldman Sachs served as financial advisor to Pitney Bowes while Cravath, Swaine & Moore was the company’s legal advisor.
Tony Curcio is the editor of Graphic Arts Magazine.