Pitney Bowes Completes Sale of Marketing Services Business
STAMFORD, Conn., May 29, 2015 — Pitney Bowes Inc. (NYSE:PBI), a global technology company that provides products and solutions that power commerce, today announced the successful completion of the sale of its Imagitas marketing services business to Red Ventures for $310 million in cash, subject to 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.
The 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 at 8 am EST on July 30th. Instructions for listening to Pitney Bowes earnings results via the Web are available on the Investor Relations page of its web site at www.pitneybowes.com.