Apollo Global Management LLC purchased Pitney Bowes Management Services (PBMS) for US$400 million in cash, according to fund managers associated with the two companies. The deal was expected to be finalized in the last quarter of 2013 before which Pitney Bowes will continue operating PBMS.

The proceeds earned from the agreement will help Pitney Bowes in the development and distribution of the highest grade technology, innovative software and a broader range of services to high value market segments. 

"This transaction represents a tremendous opportunity for both Pitney Bowes and PBMS," remarked President and Chief Executive Officer Pitney Bowes Marc Lautenbach. "It is part of our continued evolution into a company better aligned to address the needs of clients while focusing on the areas where we can create the greatest value for our clients and our shareholders. Pitney Bowes Management Services, a strong business with an outstanding team and an unparalleled client list, can benefit significantly from operating as a more focused, stand-alone company in partnership with Apollo, a leading global alternative asset manager with a proven track record of success in building and growing businesses in the business services industry."

Pitney Bowes shared that it will continue to deliver a top of the line service to its clients as well as concentrate on Enterprise Mail and Services, Small and Medium Business Mail and Digital Commerce Solutions.