Red Ventures to Acquire Imagitas from Pitney Bowes
May 11 2015 - 8:45AM
Business Wire
Technology and digital marketing company to
expand capabilities and expertise through acquisition of market
leader in the movers space
Red Ventures, a leading marketing technology and services
company, and Pitney Bowes Inc. (NYSE:PBI), a global technology
company that provides innovative products and solutions to power
commerce, today announced that Red Ventures has signed a definitive
agreement to acquire Pitney Bowes’ marketing services organization,
Imagitas, for $310 million in cash, subject to certain adjustments.
The transaction is expected to close in the second quarter subject
to customary closing conditions.
“Imagitas has done an exceptional job delivering value to the
mover segment,” said Ric Elias, CEO, Red Ventures. “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.”
Based in Indian Land, S.C., just south of Charlotte, N.C., Red
Ventures operates across a variety of high-growth industries,
including consumer home services, insurance, energy, financial
services and software. Using advanced data analytics, marketing and
sales technology, Red Ventures optimizes multi-platform customer
experiences.
Through a strategic partnership, Imagitas, headquartered in
Waltham, MA, helps the United States Postal Service® produce,
distribute and facilitate the official change of address.
“Imagitas has a long track record of success with an outstanding
team and an unparalleled client list,” said Marc Lautenbach, Chief
Executive Officer, Pitney Bowes. “Imagitas clients and employees
will benefit significantly from becoming part of Red Ventures, with
its focus and investments in delivering innovative lifecycle
marketing 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.”
The acquisition of Imagitas follows the $250MM strategic
investment global technology investing leader, Silver Lake, made in
Red Ventures in January 2015. Silver Lake joined General Atlantic,
a leading global growth investor, as a minority shareholder in Red
Ventures to fuel further expansion of the company.
About Red Ventures
Founded in 2000, Red Ventures employs more than 2,300 people and
is the country’s largest technology-enabled platform for growing
sales and marketing businesses. Its expertise spans across multiple
industries including Home Services, Energy, Financial Services,
Insurance and Software. Success is driven by advanced internet
analytics, proprietary technology and the company's greatest
competitive advantage – the people. Red Ventures has been named a
Best Place to Work in Charlotte, NC for seven years running. Learn
more at www.redventures.com.
About Pitney Bowes
Pitney Bowes (NYSE:PBI) is a global technology company offering
innovative products and solutions that enable commerce in the areas
of customer information management, location intelligence, customer
engagement, shipping and mailing, and global ecommerce. More than
1.5 million clients in approximately 100 countries around the world
rely on products, solutions and services from Pitney Bowes. For
additional information, visit Pitney Bowes at www.pb.com.
Forward-Looking Statements
This press release contains statements that are forward-looking
within the meaning of Section 27A of the Securities Act of 1933, as
amended (the Securities Act) and Section 21E of the Securities
Exchange Act of 1934, as amended. These forward-looking statements,
including statements concerning the consummation of the
transactions contemplated by the Stock Purchase Agreement between
Pitney Bowes and Red Ventures and the costs associated with the
sale of Imagitas, are based on current expectations and assumptions
that are subject to risks and uncertainties and actual results
could differ materially. Words such as “estimate”, “believe”,
“expect”, “anticipate”, “intend”, and similar expressions may
identify such forward-looking statements. We undertake no
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise.
Red VenturesKatie Zach, 980-318-5549Director of Public
Relationskzach@redventures.comorPitney BowesMediaBill
Hughes, 203-351-6785William.Hughes@pb.comorIRCharles McBride,
203-351-6349Charles.McBride@pb.com
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