Stamps.com sold the assets of its iShip unit to United Parcel Service for an undisclosed amount of cash. iShip provides estimates of shipping rates for several carriers, including UPS. As part of the deal, UPS acquired iShip's URL, proprietary software and intellectual property.
UPS prompted the deal by acquiring Mail Boxes Etc. earlier this year, Stamps.com spokeswoman Kathy Brush said. Mail Boxes is iShip's biggest customer. Santa Monica, Calif.-based Stamps.com acquired iShip for more than $200 million in stock in March 1999. Brush said the sale is "not material" to Stamps.com's financial standing, and the sale price was lower than what Stamps.com paid for iShip.