Pitney Bowes Inc. will acquire all of the remaining outstanding shares of Firstlogic for approximately $50.3 million, excluding cash and debt.
Pitney Bowes currently has 10% equity ownership of privately held company Firstlogic, which develops and markets data quality, mailing efficiency and postal automation software and services.
The transaction is expected to close in the third quarter.
Stamford, CT-based Pitney Bowes entered into the customer communications management last year with the acquisition of Group 1 software.
Firstlogic was founded in 1984 and generated over $55 million in revenue last year. Headquartered in La Crosse, WI, the company employs approximately 400 employees.
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