Updated on July 27, 2024 at 10:29 a.m. to include a statement from a Pitney Bowes representative.
Supply chain logistics company Stord purchased the fulfillment services operation of Pitney Bowes’ e-commerce division on Friday, according to a report by The Information independently confirmed by FreightWaves.
Terms of the acquisition weren’t immediately available, according to the report.
The news comes after Pitney Bowes (NYSE: PBI) announced Greg Zegras retired as president of the company’s Global Ecommerce segment earlier this month. Zegras served in several executive roles since starting at the company in 2013. No successor has been named for the vacated role.
Stord provides an end-to-end solution for shippers through a cloud-based platform. This is the company’s second e-commerce acquisition in four months following its purchase of ProPackLogistics in April. That purchase brought Stord to operating in 1.6 million square feet of fulfillment centers projecting to send out over 25 million direct-to-consumer and business-to-business orders.
In 2023, Pitney Bowes’ total e-commerce division had more than $1.35 billion in reported revenue. The company is still operating more widely in E-commerce despite selling its fulfillment services operation.
“Pitney Bowes is still working to conclude its strategic review of the Company’s Global Ecommerce business,” A representative for Pitney Bowes told FreightWaves in an emailed statement. “In the meantime, it has sold the segment’s fulfillment services business, which is a small piece of the business.”
Stord did not immediately respond to FreightWaves’ request for comment.
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