STAMFORD, Conn.,
July 20, 2004 — Pitney Bowes Inc. (NYSE:PBI)
today announced the successful completion of its acquisition
of Group 1 Software, Inc., at a net cost of approximately
$321 million. Group 1 is an industry leader in software
that enhances mailing efficiency, data quality and customer
communications. As a wholly owned subsidiary of Pitney
Bowes, Group 1 will operate under substantially the
same management as it does now within the company's
Global Enterprise Solutions segment.
“We
are pleased to complete the acquisition of Group 1,”
said Michael J. Critelli, Chairman and CEO of Pitney
Bowes. “Their industry leading infrastructure,
expertise and solutions will help us better serve our
customers, while expanding our global reach, growing
our mailstream participation and laying the foundation
for profitable expansion in the customer communication
management market. Together we will help our customers
be successful by providing a range of solutions for
mailing efficiency, data quality, data integration,
business intelligence, business geographics and customer
communication.”
Group 1, based in Lanham,
MD, employs approximately 600 people worldwide with
sales offices in the U.S., Canada, U.K. and Europe,
Japan, South Korea, Singapore, Malaysia, and China,
and development centers in Lanham, MD, Austin, TX, Minneapolis,
MN, Boulder, CO, Mountain View, CA, Toronto, Canada,
and the London, England area.
“This
is a very positive move for Group 1 and our customers
as we look to use the combined strengths of Pitney Bowes
and Group 1 to deliver even greater value to the marketplace,”
said Bob Bowen, CEO of Group 1.
Pitney Bowes is a $4.6
billion global provider of integrated mail and document
management solutions headquartered in Stamford, Connecticut.
The company serves over 2 million businesses of all
sizes in more than 130 countries through direct and
dealer operations. For more information please visit
www.pb.com.
Additional
Contact Information
Charles F. McBride
Pitney Bowes Inc.
VP, Investor Relations
203-351-6349
Group 1 Software
www.g1.com
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