Global technology company, Pitney Bowes, a provider of solutions for e-commerce, shipping, mailing, data, and financial services, has announced that it has entered into a definitive agreement to sell its software solutions business to Syncsort for $700 million in cash. The transaction is expected to close before the end of the calendar year, pending regulatory approvals and other customary closing conditions.

Marc B. Lautenbach, President, and CEO of Pitney Bowes said “Our software and data business has made great progress over the last few years achieving two consecutive years of growth and I am very confident of the prospects for this business going forward.”

“We have always said, however, if a business was worth more to someone else than to us, we would consider a sale. The sale of our Software Solutions business to Syncsort confirms that philosophy. Our software and data business, together with Syncsort, provides instant scale that creates value for our clients, partners, and the Pitney Bowes Software Solutions team.”

“While it is never easy to make these kind of decisions, I am convinced that this is the right thing to do for the long term. Pitney Bowes will move forward as a streamlined, global technology company focused on shipping, mailing and related financial services that operates in markets where we have true competitive advantage.”