Stamford-based technology company Pitney Bowes Inc. recently completed the sale of its Imagitas marketing services business to Red Ventures, a South Carolina-based marketing and sales services company, for $310 million in cash, subject to adjustment.
Pitney Bowes expects proceeds from the sale to equal approximately $280 million after closing costs, transaction fees and taxes.
Pitney Bowes said the transaction is the latest in a series of actions it 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, according to Pitney Bowes.
The company promised more detail about the expected impact of the Imagitas sale during its scheduled discussion of second-quarter results at 8 a.m. July 30.
