PITNEY BOWES TO ACQUIRE PRINT INC

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PITNEY BOWES TO ACQUIRE PRINT INC

 user 2006-07-26 at 11:17:00 am Views: 94
  • #16136

    Pitney Bowes to Acquire Print, Inc.
    STAMFORD,
    Conn., July 06 — Pitney Bowes Inc. today announced that it has signed
    a definitive agreement to acquire 100% of the stock of Print, Inc. for
    approximately $47 million, net of cash and debt. Print, Inc. is a
    leader in a rapidly growing component of the print management market
    that provides bundled offerings of printer supplies, service and
    equipment to manage document production. These operations will be
    integrated into a wholly-owned subsidiary of the company, and operate
    as part of its Pitney Bowes Direct group led by Neil Metviner,
    Executive Vice President and President Pitney Bowes Direct. This
    acquisition helps the company add value in another critical part of the
    mailstream, according to Michael J. Critelli, Chairman and CEO of
    Pitney Bowes. “Managing the printing of documents is a key activity
    involved in the production of effective mail and documents. Yet, as
    important as it is, most businesses rely on an array of separate
    vendors to provide printer equipment, printer supplies such as paper,
    ink and toner, and maintenance and repair services for their printer
    fleet. By providing bundled offerings of supplies, services and
    equipment, Print, Inc. pioneered a holistic approach to optimizing
    print resources and managing total costs. It serves as the perfect
    platform for leveraging our national sales and service networks,
    management services solutions, and current printing supplies offerings,
    while expanding the array of comprehensive printing solutions available
    to all of our customers.” Print, Inc. uses the term Document Management
    Infrastructure (DMI) to describe this rapidly growing, emerging
    component of the mailstream that integrates supplies, service and
    printers into a consolidated program. They are a leading provider in
    the DMI market which is projected to grow at 30%. Print, Inc. generated
    approximately $49 million in revenue in 2005 by supporting small to
    mid-size customers in a variety of industry verticals, such as legal
    services. They are headquartered near Bellevue, Washington and they
    employ 221 people in 15 sites. Gary Stevens, CEO and founder of Print,
    Inc. noted, “This acquisition represents a win for all of our
    customers. We are excited to become a part of the leader of the global
    mailstream and look forward to growing the array of high value print
    management solutions that we provide.” Subject to the completion of
    customary conditions this transaction is expected to close during the
    third quarter of 2006. Pitney Bowes provides the world’s most
    comprehensive suite of mailstream software, hardware, services and
    solutions to help companies manage their flow of mail, documents and
    packages to improve communication. Pitney Bowes, with $5.5 billion in
    annual revenue, takes an all-inclusive view of its customers’
    operations, helping organizations of all sizes enjoy the competitive
    advantage that comes from an optimized mailstream. The company’s 86
    years of technological leadership have produced many major mailstream
    innovations, and it is consistently on the Intellectual Property Owners
    Association’s list of top U.S. patent holders. With approximately
    34,000 employees worldwide, Pitney Bowes serves more than 2 million
    businesses through direct and dealer operations.