Pitney Bowes Completes Sale of Software Solutions Business to Syncsort
December 02 2019 - 12:07PM
Business Wire
Pitney Bowes (NYSE:PBI), a global technology company that
provides commerce solutions in the areas of ecommerce, shipping,
mailing, and financial services, today 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 primarily be used to pay down debt. In the
third and fourth quarter, the Company repaid term loans, secured a
new Term Loan A and replaced its revolving credit facility.
The company first announced the sale of its Software Solutions
Business to Syncsort in August 2019.
Goldman Sachs served as financial advisor to Pitney Bowes and
Cravath, Swaine & Moore was the Company’s legal advisor.
Recast Financial Statements
The operations of the Software Solutions Business have been
classified as a discontinued operation in the Company's third
quarter 2019 Form 10-Q. Amounts for the prior periods were
reclassified to conform to this presentation. Certain reclassified
historical financial information reflecting the operations of the
Software Solutions Business as a discontinued operations, can be
found at the company’s website at www.pb.com/investorrelations
under Financial Reporting.
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 ecommerce fulfillment, shipping
and returns; cross-border ecommerce; office mailing and shipping;
presort services; and financing. 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 www.pitneybowes.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20191202005746/en/
Editorial: Bill Hughes Chief Communications Officer
203-351-6785
Financial: Adam David VP, Investor Relations 203-351-7175
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