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Updated July 27, 9:20 a.m.: Added comment from Pitney Bowes.
Logistics startup Stord is acquiring Pitney Bowes’ (NYSE:PBI) e-commerce fulfillment services business, The Information reported on Friday, citing a memo sent to Pitney Bowes employees. Pitney Bowes rose 12% 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 selected four director candidates 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 off some of its underperforming businesses.
