Quadient, formerly Neopost[1], a leader in helping businesses create meaningful customer connections through digital and physical channels, today announced the sale of its subsidiary, ProShip, a global provider of automated multi-carrier shipping software, to FOG Software Group, a division of Constellation Software, Inc, a company listed in Toronto (TSX: CSU).
The divestment of ProShip comes as a result of Quadient’s decision to refocus its operations on four major solutions.
The acquisition of ProShip by FOG Software will benefit employees and customers of both companies.
Geoffrey Godet, Chief Executive Officer of Quadient, commented: “The sale of ProShip is our third divestment since January 2019. In the meantime, we successfully acquired Parcel Pending in the US and decided to shut down Temando. This demonstrates our firm commitment to reshape Quadient’s portfolio as part of our “Back to Growth” strategy. The execution of our strategic plan is progressing in a satisfactory way. Sales have been growing organically in the last six quarters and the high level of recurring revenue will continue to provide a solid base for our future performance.”
The transaction was closed on 28 February 2020. The selling price stands at USD 15 million.
With this transaction completed, Quadient achieved more than USD 90 million in divestments since January 2019, while having dedicated more than USD 100 million in acquisition.
Headquartered in Brookfield, Wisconsin, ProShip has about 100 employees and belonged to Quadient Additional Operations reporting segment.
Headquartered in Deerfield, Illinois, FOG Software provides mission-critical enterprise software for vertical industries across the entire industry value chain.
[1] The legal name Neopost S.A. will be changed into Quadient S.A. in 2020 during the next AGM. In the meantime, Neopost S.A. will operate under the commercial name Quadient.