Update on Pitney Bowes's Acquisition of Portrait Software plc
STAMFORD, Conn., July 05, 2010 - Pitney Bowes MapInfo UK Limited, a wholly-owned subsidiary of Pitney Bowes Inc. (NYSE: PBI), today announced it has received acceptances for over 90 percent of the existing issued ordinary shares of Portrait Software plc and the acquisition is now wholly unconditional. Portrait is an English company that provides software to enhance existing customer relationship management systems, enabling clients to achieve improved customer retention and profitability.
Pitney Bowes now effectively controls Portrait Software plc and will begin business integration activities immediately. For shareholders who have not yet tendered their shares, Pitney Bowes is keeping the original offer open indefinitely while commencing the process for compulsory acquisition of the outstanding shares.
Pitney Bowes Chairman, President and CEO Murray Martin noted the strategic nature of the acquisition: “Pitney Bowes is expanding its range of software solutions that help our customers grow their own businesses. The capabilities we found at Portrait Software are an excellent complement to our existing offerings and will find their way into the suite of tools we provide to organizations of all sizes. We know that our customers are looking to communicate with their customers and prospects in ways that generate real results; increasingly, Pitney Bowes can help them do that.”
Portrait Software offers software applications that help companies increase their level of engagement with their customers. These applications enable companies to design and execute more effective customer service and marketing campaigns based on superior insight into customer behavior. By applying these software tools, companies can see greater return on investment for their marketing dollars.
Pitney Bowes encourages all remaining Portrait Software shareholders to tender their shares without further delay. The offer is for £0.31 in cash for each outstanding share of Portrait Software.
About Pitney Bowes:
Celebrating its 90th year of innovation, Pitney Bowes provides software, hardware and services that integrate physical and digital communications channels. Long known for making its customers more productive, Pitney Bowes is increasingly helping other companies grow their business. Pitney Bowes is a $5.6 billion company and employs 33,000 worldwide. Pitney Bowes: Every connection is a new opportunity™. www.pb.com