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Logistics startup Stord is buying the e-commerce fulfillment services operations of Pitney Bowes (NYSE:PBI), according to a report from The Information on Friday, which cited a memo sent to Pitney Bowes staff. Pitney Bowes rose 12% in after hours trading.
Terms of the transaction weren't immediately available, according to the report.
Pitney Bowes (PBI) said in late May that it was accelerating a strategic review of the Global E-commerce segment, which is ongoing. The company has been under pressure from activist investor Hestia Capital Management for months.
Pitney Bowes (PBI) declined to comment to The Information.
In late May, Pitney Bowes (PBI) appointed Lance Rosenzweig as its new interim CEO as Jason Dies stepped down from the role and retired from the company. Earlier in the month, the company elected four board nominees proposed by Hestia Capital. Hestia first disclosed its stake in Pitney Bowes (PBI) in November, and reportedly had some discussions with the company and suggested a sale of some of its underperforming businesses.