Pitney Bowes sells part of e-commerce business to logistics startup Stord – The Info

Pitney Bowes facility on International Blvd, Cincinnati, OH, USA — JHVEPhoto

Logistics startup Stord buys Pitney Bowes’ e-commerce fulfillment business (NYSE:PBI), according to a report by The Information on Friday, which cited a memo sent to Pitney Bowes employees. Pitney Bowes increased by 12% in trading outside working hours.

Conditions The deal was not immediately available, according to the report.

Pitney Bowes (PBI) said in late May that it was accelerating a strategic review of its Global E-commerce segment, which is ongoing. The company has been under pressure for months from activist investor Hestia Capital Management.

Pitney Bowes (PBI) declined to comment to The Information.

In late May, Pitney Bowes (PBI) named Lance Rosenzweig interim CEO as Jason Dies stepped down and retired. Earlier this month, the company named four board candidates put forward by Hestia Capital. Hestia first disclosed its stake in Pitney Bowes (PBI) in November and has reportedly held some talks with the company and suggested selling some of its underperforming businesses.