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Pitney Bowes To Sell Software Solutions Business; Updates Guidance - Quick Facts

Pitney Bowes Inc. (PBI) has agreed to sell its Software Solutions unit to Syncsort for $700 million. Pitney Bowes plans to use the majority of the proceeds to pay down near-term debt maturities. The company has decided to further streamline its operations and reduce spend.

Pitney Bowes updated its annual adjusted EPS guidance to reflect the impact of the sale of Software Solutions, and due to the impact from the higher level of tariffs. For 2019, the company now projects adjusted EPS to be in the range of $0.65 to $0.75. Revenue growth guidance was updated to a range of 1 to 2 percent on a constant currency basis.

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