Pitney Bowes Completes Sale of Document Messaging Technologies Business to Platinum Equity
July 02 2018 - 11:36AM
Business Wire
Pitney Bowes Inc. (NYSE:PBI) today announced that the previously
disclosed sale of its Document Messaging Technologies (DMT)
production mail and supporting software business to Platinum Equity
has been completed, with the exception of certain non-U.S.
jurisdictions that are each expected to close sometime in the third
or early fourth quarter, subject to individual country regulatory
requirements.
The company expects to use the majority of the net proceeds from
the sale to pay down debt.
Pitney Bowes is a global technology company that provides
commerce solutions in the areas of ecommerce, shipping, mailing,
and data. The company first announced the sale of DMT to Platinum
Equity in April.
DMT is a global leader in enterprise print, mail and customer
communications solutions. The sale includes DMT’s enterprise mail,
print and data management software business that integrates data
with print streams to optimize document output for high-volume
production mailers.
Grant Miller, President and CEO, Document Messaging
Technologies, said: “This is a landmark evolution of our business,
which will benefit our clients and our employees as we become a
standalone company with the flexibility and resources to take our
business to the next level. Over the past several years, we have
extended our leadership position in the enterprise print and mail
market by delivering unmatched service and value to our clients
around the world. We will continue to outpace the market by
delivering new and innovative printing, inserting and sorting
solutions that are underpinned by software, data and world-class
service.”
Platinum Equity is a leading global private equity firm with a
highly specialized focus on business operations and more than 20
years’ experience acquiring and operating businesses that have been
part of large corporate entities.
“DMT is an outstanding business with industry leading solutions,
a loyal and growing client base, and an experienced leadership team
at the helm,” said Platinum Equity Principal Adam Cooper. “We are
excited by the opportunities we see for this business and look
forward to investing in DMT’s growth, both organically and through
strategic acquisitions.”
Goldman Sachs & Co. LLC served as financial advisor to
Pitney Bowes and Debevoise & Plimpton LLP was the Company’s
legal advisor. Morgan, Lewis & Bockius LLP served as legal
advisor to Platinum.
Recast Financial Statements
The operations of DMT production mail and supporting software
business will be reclassified to discontinued operations in the
Company's second quarter 2018 reported results on Form 10-Q.
Amounts for the prior periods will be reclassified to conform to
this presentation.
Certain reclassified historical financial information reflecting
the operations of the DMT production mail and supporting software
business as a discontinued operations, can be found at the
company’s website at www.pb.com/investorrelations under Financial
Reporting.
About Platinum Equity
Founded in 1995 by Tom Gores, Platinum Equity is a global
investment firm with $13 billion of assets under management and a
portfolio of more than 30 operating companies that serve customers
around the world. The firm is currently investing from Platinum
Equity Capital Partners IV, a $6.5 billion global buyout fund.
Platinum Equity specializes in mergers, acquisitions and operations
– a trademarked strategy it calls M&A&O® – acquiring and
operating companies in a broad range of business markets, including
manufacturing, distribution, transportation and logistics,
equipment rental, metals services, media and entertainment,
technology, telecommunications and other industries. Over the past
22 years Platinum Equity has completed more than 200
acquisitions.
About Pitney Bowes
Pitney Bowes (NYSE:PBI) is a global technology company providing
commerce solutions that power billions of transactions. Clients
around the world, including 90 percent of the Fortune 500, rely on
the accuracy and precision delivered by Pitney Bowes solutions,
analytics, and APIs in the areas of office mailing and shipping;
mailing and parcel sortation; retail fulfillment, shipping and
returns; global ecommerce; location data; and software. For nearly
100 years Pitney Bowes has been innovating and delivering
technologies that remove the complexity of getting commerce
transactions precisely right. For additional information visit
Pitney Bowes, the Craftsmen of Commerce, at
https://www.pitneybowes.com/us.
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version on businesswire.com: https://www.businesswire.com/news/home/20180702005698/en/
Pitney BowesBill Hughes, 203-351-6785Media
RelationsWilliam.Hughes@pb.comorAdam David, 203-351-7175Investor
RelationsAdam.david@pb.comorPlatinum EquityDan Whelan,
310-282-9202dwhelan@platinumequity.com
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