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Updated July 27, 9:20 a.m.: Added comment from Pitney Bowes.
Logistics startup Stordo is acquiring Pitney Bowes' e-commerce fulfillment services business.NYSE:PBIAccording to a report by The Information on Friday, the paper cited a memo sent to Pitney saying: Bowes Staff. Pitney Bowes 12% increase In after-hours trading.
Terms of the deal were not immediately disclosed, according to the report.
In a statement to Seeking Alpha, Pitney Bowes confirmed it had sold its e-commerce fulfillment services business, but noted it was only a small part of the division.
“Pitney Bowes is still working to complete a strategic review of its global e-commerce business,” the company said in a statement, “In the meantime, the company has sold a small portion of that business, its fulfillment services business.”
Pitney Bowes (PBI) announced in late May that it was accelerating its ongoing strategic review of its global e-commerce division after months of pressure from activist investor Hestia Capital Management.
Pitney Bowes (PBI) declined to comment to The Information.
In late May, Pitney Bowes (PBI) appointed Lance Rosenzweig as its new interim CEO following the departure of Jason Deess from the company. Earlier that month, the company appointed four directors recommended by Hestia Capital. Hestia first disclosed its investment in Pitney Bowes (PBI) in November and has reportedly been in discussions with the company to propose selling some of its underperforming businesses.
