Tech services and marketing firm Red Ventures, which is based just outside of Charlotte, is acquiring the marketing services organization of Pitney Bowes in a deal worth $310 million in cash.
Red Ventures received a capital infusion of $250 million in January from private equity firm Silver Lake.
The deal was announced early Monday.
The group is known as Imagitas. Red Ventures expects the deal to close in the near future.
“Imagitas has done an exceptional job delivering value to the mover segment,” said Ric Elias, CEO of Red Ventures, in a statement “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.”
Imagitas is based in Waltham, Ma. It is perhaps best known for working with the U.S. Postal Service to deal with changes in addresses.
“Imagitas has a long track record of success with an outstanding team and an unparalleled client list,” said Marc Lautenbach, CEO of 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.”
Red Ventures employs some 2,300 people.
