Diagnostic testing company invests in latest equipment to accelerate results
STAMFORD, Conn.--(BUSINESS WIRE)--Nov. 26, 2019--
Pitney Bowes Inc. (NYSE: PBI), a global technology company that provides commerce solutions in the areas of ecommerce, shipping, mailing, data and financial services, today announced that Wheeler Financial from Pitney Bowes has closed a financing transaction with Thoroughbred Diagnostic Labs. The company will invest in new laboratory testing equipment to extend the screening services it delivers to its clients.
Headquartered in Kentucky, Thoroughbred Diagnostic Labs provides toxicology testing and medical review services to physicians and other healthcare professionals. In order to grow the business while maintaining the highest degree of accuracy, the company requires ongoing investment in new, state-of-the art screening equipment. The company partnered with Wheeler Financial from Pitney Bowes to secure the capital it needed to invest in this technology, which will help it to double its testing volume and generate business growth.
“Demand for our services continues to rise, but we needed to invest in leading technology to expedite our screening capabilities and results,” said Brandon Woodward, CFO for Thoroughbred Diagnostic Labs. “We approached Wheeler Financial to help us secure this capital and were incredibly impressed with their responsiveness, flexibility and understanding of our business. Their financing eases the pressure on our cashflow, allowing us to focus on growing the business, improving our margins and generating a return.”
“We are very pleased to make this investment and support the growth strategy of a great business partner Thoroughbred Diagnostic Labs. Given demographics in the U.S, healthcare is a critical sector, yet rising costs changing dynamics of insurance, make it increasingly difficult for companies like this to succeed,” said Christopher Johnson, Senior Vice President and President, Pitney Bowes Financial Services. “Wheeler Financial is dedicated to supporting and financing Main Street to help companies like Thoroughbred Diagnostic Labs succeed.”
About Wheeler Financial from Pitney Bowes
Wheeler Financial™ from Pitney Bowes is a subsidiary of the Pitney Bowes Bank, Inc., Member FDIC, dedicated to helping small to lower middle market clients acquire the critical assets they need to grow and expand their business with innovative financing solutions. The Pitney Bowes Bank, together with Pitney Bowes, has been financing Pitney Bowes equipment for over 20 years. Our expansion into helping our clients finance other purchases reflect our continued commitment to helping our customers grow efficiently and effectively.
About Pitney Bowes
Pitney Bowes (NYSE:PBI) is a global technology company providing commerce solutions that power billions of transactions. Clients around the world, including 90 percent of the Fortune 500, rely on the accuracy and precision delivered by Pitney Bowes solutions, analytics, and APIs in the areas of ecommerce fulfillment, shipping and returns; cross-border ecommerce; office mailing and shipping; presort services; location data; customer information and engagement software; services; and financing. For nearly 100 years Pitney Bowes has been innovating and delivering technologies that remove the complexity of getting commerce transactions precisely right. For additional information visit Pitney Bowes, the Craftsmen of Commerce, at www.pitneybowes.com.
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Source: Pitney Bowes Inc.
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