Pitney Bowes Acquires Newgistics Inc. for $475 Million

Pitney Bowes announced it is acquiring Newgistics Inc. for $475 million in a move to accelerate Pitney Bowes’ expansion into the U.S. domestic parcels market.

“Newgistics fits uniquely at the intersection of our parcel growth strategies and will accelerate the overall transformation of Pitney Bowes,” said Marc B. Lautenbach, President and Chief Executive Officer of Pitney Bowes. “This acquisition combined with recent innovations in mailing and shipping for SMB clients, organic growth of our global ecommerce business, and expansion of our presort and parcel services network – definitively anchors Pitney Bowes in a growing space and vastly increases the value we can deliver for our clients.”

The acquisition of Newgistics adds to Pitney Bowes’ growing list of physical and retail ecommerce and parcel capabilities, including a national network of presort services operating centers, an end-to-end parcel global ecommerce solution that will handle all facets of the enterprise retail cross-border expansion and nearly a 100-year old relationship with the USPS, including its workshare partnership and technology integrations that have enabled new innovations such as the SendPro C-Series mailing and shipping system.

“We’re excited about joining the Pitney Bowes Team,” said Todd Everett, CEO of Newgistics. “Pitney Bowes is a company that shares our values – a company we can trust with our reputation, our clients and our employees. By adding our capabilities, Pitney Bowes will deliver even more value and a broader range of ecommerce and shipping solutions to our collective client base.”

Pitney Bowes plans to continue to operate the businesses as independent units through the remainder of 2017 and into the first quarter of 2018. The transaction is expected to close by the late third or early fourth quarter.

read more/source: http://multichannelmerchant.com/operations/pitney-bowes-acquires-newgistics-inc-475-million/