Pitney Bowes Inc., the Stamford-based technology and mail company, announced on Monday that Imagitas, its marketing services organization, will be acquired for $310 million in cash, subject to certain adjustments.
Red Ventures, a marketing technology and services company based in South Carolina, is set to buy Imagitas, headquartered in Massachusetts. The transaction is expected to close in the second quarter, subject to customary closing conditions.
Imagitas helps facilitate official changes of address through a partnership with the U.S. Postal Service. It also provides direct-mail and digital services for marketers, with other partners including Progressive and AT&T. Pitney Bowes bought the company for about $230 million in 2005.
“Imagitas has done an exceptional job delivering value to the mover segment,” said Ric Elias, CEO of Red Ventures, in a news release. “We”™re excited to combine our digital capabilities to further enhance the consumer experience for the more than 39 million Americans who move annually with Imagitas marketing products.”
Marc Lautenbach, Pitney Bowes CEO, said Imagitas clients and employees will benefit from becoming part of Red Ventures, which optimizes multiplatform customer experiences in industries including insurance, energy and consumer home services.
“Our decision to sell Imagitas to Red Ventures is part of an ongoing effort to transform Pitney Bowes and realign our portfolio of products and solutions by focusing on the core areas where we can lead and create the greatest value for our clients and shareholders,” Lautenbach said in the news release.
Pitney Bowes offers products and solutions that enable commerce in customer information management, location intelligence, customer engagement, shipping and mailing and global e-commerce to more than 1.5 million clients in approximately 100 countries.
