Pitney Bowes has agreed to sell its Software Solutions business to Syncsort for $700 million in cash.
The transaction is expected to close before the end of the calendar year.
Syncsort, a machine learning, AI and predictive analytics company, has more than 7,000 customers, including 84 of the Fortune 100.
Pitney Bowes will focus on shipping, mailing and related financial services. It will invest in its core business with new products in Global SMB and capabilities in Commerce Services, including the expansion of its domestic delivery network.
Pitney Bowes earlier divested its Document Messaging Technologies (DMT) Production Mail and supporting software business; sold its direct operations within the Global SMB business in six smaller European countries.