Pitney Bowes expands into domestic parcel market.
Pitney Bowes Inc. announced the acquisition of Newgistics Inc. In September 2017. The $475 million deal allowed Pitney Bowes to expand into the U.S. domestic parcels market. This marks a transformation of Pitney Bowes, as it increases its physical and retail e-commerce as well as parcel capabilities for client solutions. The relationship and technology integrations that Newgistics had, such as a 100-year-old relationship with the USPS, will increase innovation in Pitney Bowes ability to serve small-to-medium-business clients.
M&AIn response to volatile demand in the wake of the first COVID-19 surge, the company undertook a comprehensive cost reduction program, aimed at shoring up labor and supply costs.
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