Syncsort Acquires Pitney Bowes’ Software Solutions Business
Syncsort, the global leader in Big Iron to Big Data software, today announced it has signed a definitive agreement to acquire Pitney Bowes’ Software Solutions business. Together, Syncsort and the Pitney Bowes software & data business becomes one of the largest data management software companies in the world and a leader in data quality, serving more than 11,000 customers and hundreds of resellers globally. With its unique scale and broader solution set, the company will offer differentiated capabilities to enterprises seeking to maximize insight from their data.
The acquisition, Syncsort’s largest ever, brings to the company best-in-class location intelligence, data enrichment, customer information management and customer engagement solutions that are highly complementary to its existing portfolio. The combination builds on, and significantly expands, the breadth of Syncsort’s offerings in data quality software and complements existing Syncsort Trillium products. The transaction is expected to close by the end of the calendar year, pending regulatory approvals and other customary closing conditions.
“Our remarkable transformation and rapid growth story continues. We could not be more excited for the next phase of the journey with the Pitney Bowes software products and talented team as part of our world-class organization,” said Josh Rogers, CEO, Syncsort. “Together, we will be one of the leading players in the data management software space and positioned to drive even greater value for customers and partners alike, especially in areas like regulatory compliance, security, data science and hybrid cloud. Leading enterprises are facing significant challenges around the quality of their data, and we will offer unparalleled capabilities for customers to easily integrate, enrich, improve and gain insight from their data.”
The Pitney Bowes software business is based on four key lines including:
- Location Intelligence – products that allow organizations to enrich and analyze location data for enhanced business insights
- Data Enrichment – comprehensive portfolio of business, geographic, and industry-specific data featuring global coverage across 250 countries and territories
- Customer Information Management – software suite that manages data to deeply understand customers and their context to drive superior business outcomes
- Customer Engagement – software to help businesses build brand loyalty, improve customer satisfaction, create new revenue opportunities, and reduce costs
Jared Hendricks, Senior Managing Director at Centerbridge and a lead director on the Syncsort Board commented, “Syncsort’s acquisition of the Pitney Bowes software & data business creates a market leading data management platform. With the company’s unique scale, there is an exceptional opportunity to apply the strength of the combined product portfolios and differentiated expertise of the talented teams to tackle the most complex data management challenges that large and small enterprises face, and support their most strategic initiatives through continued innovation and development.”
The transaction is backed by affiliates of Centerbridge Partners, L.P. and Clearlake Capital Group, L.P. Debt commitments have been provided by Jefferies Finance LLC, Credit Suisse, Golub Capital LLC, and Antares Capital LP. Credit Suisse and Jefferies LLC served as financial advisors to Syncsort. Simpson Thacher & Bartlett LLP served as legal counsel to Syncsort.