STAMFORD, Conn. - Pitney Bowes Inc. (NYSE:PBI) today announced the successful completion of the sale of Pitney Bowes Management Services for $400 million in cash to funds affiliated with Apollo Global Management, LLC (NYSE:APO) (together with its consolidated subsidiaries, “Apollo”). Proceeds from the sale of the business will be used principally to pay down debt.

Pitney Bowes Management Services becomes a standalone company which will operate under a new name to be determined by Apollo.

The sale of the Pitney Bowes Management Services business to funds affiliated with Apollo, which was announced July 30, 2013, allows Pitney Bowes to focus attention and resources on developing and delivering the highest value technology, innovative software and differentiated services in high value segments of the market, where the Company has distinctive advantage.