Pitney Bowes Inc. (NYSE: PBI) announced it is initiating the second phase of its strategic review process, with the company's Board of Directors and a newly formed Strategic Review Committee working alongside independent advisors to evaluate a range of strategic alternatives.

The review will assess the company's existing value creation plan against options including acquisitions, divestitures, partnerships, and a full sale. The Strategic Review Committee is comprised of the Board's independent members.

Brent Rosenthal, Independent Chair of the Board, said the company intends to "rigorously evaluate a full spectrum of strategic alternatives," drawing on board experience in capital allocation and transactions as well as outside advisory resources.

Pitney Bowes has selected BofA Securities and Goldman Sachs & Co. LLC as financial advisors and Sullivan & Cromwell as legal advisor for the process.

The company has not set a timetable or deadline for completing the review and said it does not plan to make further statements unless the Board determines additional communication is warranted. Pitney Bowes noted there is no assurance the review will result in any change in strategy or a transaction.

According to a press release, management will continue executing its existing strategy during the review period.