Pitney Bowes Completes Sale of Marketing Services Business
29 May 2015 - 11:04PM
Business Wire
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.
About Pitney Bowes
Pitney Bowes (NYSE:PBI) is a global technology company offering
innovative products and solutions that enable commerce in the areas
of customer information management, location intelligence, customer
engagement, shipping and mailing, and global ecommerce. More than
1.5 million clients in approximately 100 countries around the world
rely on products, solutions and services from Pitney Bowes. For
additional information, visit Pitney Bowes at
www.pitneybowes.com.
Forward Looking Statements
This document contains “forward-looking statements” about the
Company’s expected or potential future business and financial
performance. Forward-looking statements include, but are not
limited to, statements about its future revenue and earnings
guidance and other statements about future events or conditions.
Forward-looking statements are not guarantees of future performance
and involve risks and uncertainties that could cause actual results
to differ materially from those projected. These risks and
uncertainties include, but are not limited to: mail volumes; the
uncertain economic environment; timely development, market
acceptance and regulatory approvals, if needed, of new products;
fluctuations in customer demand; changes in postal regulations;
interrupted use of key information systems; management of
outsourcing arrangements; the implementation of a new enterprise
resource planning system; changes in business portfolio; the
success of our investment in rebranding the Company; the risk of
customer concentration in our Digital Commerce Solutions segment;
foreign currency exchange rates; changes in our credit ratings;
management of credit risk; changes in interest rates; the financial
health of national posts; and other factors beyond its control as
more fully outlined in the Company's 2014 Form 10-K Annual Report
and other reports filed with the Securities and Exchange
Commission. Pitney Bowes assumes no obligation to update any
forward-looking statements contained in this document as a result
of new information, events or developments.
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version on businesswire.com: http://www.businesswire.com/news/home/20150529005490/en/
Editorial -Carol WallaceMedia Relations
Director203-351-6974Financial -Charles F. McBrideVP, Investor
Relations203-351-6349
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