Pitney Bowes Inc. has sold its software solutions business to Syncsort Inc., a big data software company based in Pearl River, for $700 million in cash.
The sale is the latest move by the Stamford-based Pitney Bowes to realign its business strategies in the aftermath of its 2018 evaluation of strategic alternatives. With the acquisition, Syncsort will run a data management software operation serving more than 11,000 customers and hundreds of resellers globally.
“Our software and data business has made great progress over the last few years achieving two consecutive years of growth and I am very confident of the prospects for this business going forward,” said Pitney Bowes President and CEO Marc B. Lautenbach. “We have always said, however, if a business was worth more to someone else than to us, we would consider a sale. The sale of our Software Solutions business to Syncsort confirms that philosophy.
“Our software and data business, together with Syncsort, provides instant scale that creates value for our clients, partners, and the Pitney Bowes Software Solutions team,” he added. “While it is never easy to make these kind of decisions, I am convinced that this is the right thing to do for the long term.”