Pitney Bowes annuncia la cessione a Syncsort dell'attività Software Solutions per 700 milioni di dollari

La vendita sblocca valore per gli azionisti e supporta l'impegno di trasformazione della Società, che si concentra sull'eliminazione delle complessità di invio corrispondenza e spedizioni per i clienti

I proventi netti, per la maggior parte, saranno convogliati sul pagamento dei debiti in scadenza a breve termine

La Società aggiorna la guida annuale 2019

STAMFORD, Conn.--()--Pitney Bowes Inc. (NYSE: PBI), società tecnologica globale che fornisce soluzioni commerciali nelle aree dell'e-commerce, delle spedizioni, del mailing, dei dati e dei servizi finanziari, oggi ha annunciato la conclusione di un accordo definitivo per la vendita a Syncsort dell'attività Software Solutions, per un valore di 700 milioni di dollari USA in contanti. Si prevede che la transazione sarà perfezionata entro la fine dell'anno solare, in attesa delle approvazioni normative e delle altre condizioni di chiusura abituali.

"La nostra attività software e dati ha realizzato grandi progressi nel corso degli ultimi anni, con un biennio di crescita continua, e sono molto fiducioso sulle prospettive future per questa attività", ha dichiarato Marc B. Lautenbach, presidente e CEO. "Abbiamo sempre affermato, tuttavia che, se un'attività fosse più importante per altri che per noi, ne avremmo preso in considerazione la vendita. La cessione a Syncsort della nostra attività Software Solutions conferma questa filosofia: la nostra attività software e dati, in collaborazione con Syncsort, offre una dimensione immediata che genera valore per i nostri clienti e partner e per il team di Pitney Bowes Software Solutions".

Lautenbach ha poi proseguito: "Prendere questo tipo di decisioni non è mai semplice, ma sono convinto che sia la cosa giusta da fare a lungo termine. Pitney Bowes continuerà a essere una società tecnologica globale e lineare, focalizzata sulla spedizione, sull'invio della corrispondenza e sui servizi finanziari correlati, che opera nei mercati in cui vantiamo un vantaggio competitivo reale".

A seguito della conclusione della valutazione societaria sulle alternative strategiche nel 2018, l'alta dirigenza e il consiglio di amministrazione di Pitney Bowes si sono impegnati a valutare altre opzioni per sbloccare valore per gli azionisti. Da allora la Società ha ceduto la divisione Document Messaging Technologies (DMT) Production Mail con le attività correlate, ha venduto le operazioni dirette nell'ambito dell'attività Global SMB in sei mercati europei di dimensioni contenute, ha rimborsato dei debiti, ha modificato il recupero di liquidità per gli azionisti, dai dividendi al riacquisto di azioni, ha lanciato Wheeler Financial Services e ha continuato a investire nell'attività principale, con nuovi prodotti in Global SMB e con nuove capacità nel segmento Commerce Services, tra cui l'espansione della sua rete nazionale di consegne.

Use of Net Proceeds

The Company plans to use the majority of the net proceeds from the sale to pay down near-term debt maturities.

“We have several tranches of debt that are maturing over the next two years and we will use the majority of the net proceeds from this transaction to pay down that debt and we will refinance the remainder,” said Stan Sutula, Executive Vice President and CFO. “Further, we have well-established relationships with our bank group and are structuring a proactive refinancing plan that reflects a diversity of funding sources and will leverage the capital markets, as appropriate.”

2019 Guidance

Beginning with the third quarter, Pitney Bowes Software Solutions will be recorded as discontinued operations and prior periods will be recast to exclude Software Solution’s results from continuing operations. The recast financial statements will be posted to the Company’s Investor Relations website by the end of September.

For 2019, the Company is updating its annual revenue growth rate, adjusted EPS and free cash flow guidance as follows:

  • Revenue to be in the range of 1 to 2 percent growth on a constant currency basis when compared to the recast 2018 revenue
  • Adjusted EPS to be in the range of $0.65 to $0.75
  • Free cash flow to be in the range of $175 to $205 million

This updated annual adjusted EPS guidance reflects the impact of the sale of Software Solutions as well as the impact from the higher level of tariffs, which were not assumed in the Company’s original guidance. These impacts are expected to be partially offset by a deferred tax asset valuation allowance reversal, which based on current results and future income projections is currently expected to be recorded in the third quarter, and as a result the Company expects third quarter attainment to the full year for adjusted EPS to be in the range of 32 to 34 percent.

Guidance reflects the shift of the business to the fourth quarter as shipping continues to be a larger part of the portfolio. As a result, the Company expects its fourth quarter attainment to the full year for revenue to be in the range of 26 to 28 percent.

As a result of this transaction, the Company will further streamline its operations and reduce spend. The dilution from the divestiture is expected to be earnings neutral in the 12 months following the closing of this transaction as a result of the lower interest expense related to the pay down of debt and overall spend reductions.

Prior to the close, Pitney Bowes will continue to work closely with its software clients, partners and systems integrators, while partnering with Syncsort to ensure a smooth transition. This transaction is subject to regulatory approvals and other customary closing conditions.

Goldman Sachs & Co LLC is serving as financial advisor and Cravath, Swaine & Moore is serving as legal advisor to Pitney Bowes.

About Syncsort

Syncsort is the global leader in Big Iron to Big Data software. We organize data everywhere to keep the world working – the same data that powers machine learning, AI and predictive analytics. We use our decades of experience so that more than 7,000 customers, including 84 of the Fortune 100, can quickly extract value from their critical data anytime, anywhere. Our products provide a simple way to optimize, assure, integrate, and advance data, helping to solve for the present and prepare for the future. Learn more at syncsort.com.

Informazioni su Pitney Bowes

Pitney Bowes (NYSE:PBI) is a global technology company providing commerce solutions that power billions of transactions. Clients around the world, including 90 percent of the Fortune 500, rely on the accuracy and precision delivered by Pitney Bowes solutions, analytics, and APIs in the areas of ecommerce fulfillment, shipping and returns; cross-border ecommerce; office mailing and shipping; presort services; location data; customer information and engagement software; services; and financing. For nearly 100 years Pitney Bowes has been innovating and delivering technologies that remove the complexity of getting commerce transactions precisely right. For additional information visit Pitney Bowes, the Craftsmen of Commerce, at www.pitneybowes.com

Forward Looking Statements

This document contains “forward-looking statements” about the Company’s expected or potential future business and financial performance. Forward-looking statements include, but are not limited to, statements about its future revenue and earnings guidance and other statements about future events or conditions. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that could cause actual results to differ materially from those projected. These risks and uncertainties include, but are not limited to: declining physical mail volumes; changes in, or loss of, our contractual relationships with the U.S. Postal Service or posts in other major markets; changes in postal regulations; competitive factors, including pricing pressures, technological developments and the introduction of new products and services by competitors; the United Kingdom's potential exit from the European Union (Brexit); our success in developing and marketing new products and services, and obtaining regulatory approvals, if required; changes in banking regulations or the loss of our Industrial Bank charter; changes in labor conditions and transportation costs; macroeconomic factors, including global and regional business conditions that adversely impact customer demand, foreign currency exchange rates and interest rates; changes in global political conditions and international trade policies, including the imposition or expansion of trade tariffs and other factors as more fully outlined in the Company's 2018 Form 10-K Annual Report and other reports filed with the Securities and Exchange Commission. Pitney Bowes assumes no obligation to update any forward-looking statements contained in this document as a result of new information, events or developments.

Il testo originale del presente annuncio, redatto nella lingua di partenza, è la versione ufficiale che fa fede. Le traduzioni sono offerte unicamente per comodità del lettore e devono rinviare al testo in lingua originale, che è l'unico giuridicamente valido.

Contacts

Media:
Bill Hughes
Direttore comunicazioni
203-351-6785

Emily Simmons
Comunicazioni, soluzioni software
843-467-1071

Finanziarie:
Adam David
Vicepresidente rapporti con gli investitori
203-351-7175

Contacts

Media:
Bill Hughes
Direttore comunicazioni
203-351-6785

Emily Simmons
Comunicazioni, soluzioni software
843-467-1071

Finanziarie:
Adam David
Vicepresidente rapporti con gli investitori
203-351-7175