STAMFORD, Conn.,
December 17, 2002 -- Pitney Bowes Inc.
(NYSE: PBI), a global provider of mail and document
management solutions, has acquired the remaining
43% ownership interest of MailCode, Inc. that it
did not already own. Terms of the deal were not
disclosed. Pitney Bowes acquired 57% of the outstanding
equity of MailCode, a mail processing solutions
company headquartered in Lafayette, Indiana, in
January of 2001.
“This
latest acquisition represents Pitney Bowes’
commitment to build customer and shareholder value
by expanding our presence in the mail and document
management stream, “ stated Matthew Kissner,
Executive Vice President, Pitney Bowes. “As
part of a ‘closed-loop’ messaging process,
MailCode’s advanced mail sorting and tracking
technology enables companies to increase the efficiency
of their mail operations, better coordinate marketing
campaigns, improve cash flow, and update customer
information to link critical customer communications
information to enterprise systems.”
Although
Pitney Bowes is already the exclusive sales channel
for MailCode, the integration of the two companies
will bring additional synergies in operations. MailCode
Founder and President, Christopher Baker will continue
to lead the company as well as devote more time
and energy to creating solutions that will reap
benefits across the entire Pitney Bowes franchise.
“Working
with Pitney Bowes over the past year resulted in
significant growth for MailCode. The successful
launch of the Olympus II MT multi-tier MLOCR mail
sorter solution is just one example of what we achieved
as a result of the partnership with Pitney Bowes.”
stated Christopher Baker, President. The acquisition
will continue to allow MailCode to invest in future
mail sorting and tracking technology. Together,
Pitney Bowes and MailCode are poised expand our
leadership position in the market.”
MailCode
offers mail processing solutions for incoming and
outgoing mail sorting through an innovative and
flexible line of Multi-line Optical Character Recognition
(MLOCR) sorters, internet-based track and trace
software applications as well as encoding and voice
recognition systems. Customers of MailCode include
insurance companies, financial institutions and
other high volume mailers and presort houses.
Pitney
Bowes Inc. is a $4.4 billion global provider of
mail and messaging solutions. It serves over 2 million
businesses of all sizes in 118 countries through
dealer and direct operations. Information about
Pitney Bowes is available at www.pitneybowes.com.
Media
Contact:
Christopher Tessier
Manager, Public Relations
203-351-7210
Christopher.Tessier@pb.com
Analyst
Reports