Under the agreement, expected to be concluded by the summer, all staff employed by Pitney Bowes Management Services across the UK and the Republic of Ireland will transfer to the employment of Swiss Post Solutions (SPS), the business document management division of Zurich-headquartered Swiss Post Group.

SPS, which has its UK headquarters in Richmond upon Thames, will take over "a number of facilities" including a secure mail-screening centre and a document processing and production site as part of the deal.

The company already operates in more than 20 countries with its core markets being the US, Germany and the UK. The acquisition will give SPS access to a blue-chip client list, to complement its existing UK portfolio, particularly in financial services and the public sector.

SPS chief executive Frank Marthaler said: "With this acquisition we further strengthen our market position in the mailroom and document management area.

"Through the synergies created we will increase our profitability in one of our core markets, and this will allow us to invest even more in innovative solutions to bridge the gap between physical and electronic information management."