By PrintAction Staff
By PrintAction Staff
Platinum Equity has signed a definitive agreement to acquire Pitney Bowes’ Document Messaging Technologies (DMT) production mail business and supporting software for $361 million, subject to certain adjustments. The company anticipates proceeds from the sale of approximately $270 million, net of estimated closing costs, transaction fees and taxes.
Also included in the transaction is the enterprise mail, print and data management software business that integrates data with print streams to optimize document output for high-volume production mailers.
The transaction is expected to be completed late in the second or early in the third quarter subject to customary closing conditions.
Pitney Bowes’ Document Messaging Technologies production mail business is a provider in enterprise print, mail and customer communications solutions. Platinum Equity is a global private equity firm with a focus on business operations and more than 20 years of experience acquiring and operating businesses that have been part of large corporate entities.
“DMT is a leader in its market with all the tools it needs to thrive as a standalone business. It has a broad range of advanced inserting, sorting and print solutions and a committed global workforce that delivers world-class client satisfaction,” said Platinum Equity Principal Adam Cooper. “We look forward to partnering with the management team to drive operational excellence and invest in growth, both organically and through prospective strategic acquisitions.”
“Our decision to sell our Document Messaging Technology business is the result of a thorough evaluation of the best opportunity for long-term growth for both DMT and Pitney Bowes. As a stand-alone business, DMT will have greater flexibility and opportunity to build on its industry-leading portfolio, create greater market opportunity and deliver new client value,” said Marc Lautenbach, Chief Executive Officer, Pitney Bowes. “For Pitney Bowes, this transaction supports our move to higher growth markets and aligns with our strategic intent to do in the shipping market what we’ve done in mailing for almost 100 years – enabling global commerce by taking out the complexity and enhancing the value for clients.”