WASHINGTON (dpa-AFX) - Red Ventures agreed to acquire Pitney Bowes Inc.'s (PBI) marketing services organization, Imagitas, for $310 million in cash, subject to certain adjustments, Pitney Bowes said on Monday.
The transaction is expected to close in the second quarter subject to customary closing conditions.
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.
The acquisition of Imagitas follows the $250 million 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.
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