Pitney Bowes Seeks to Acquire Outstanding Shares of Portrait Software plc
Proposed Transaction Would Enhance Suite of Customer Communications Management Tools
STAMFORD, Conn., June 10, 2010 - Pitney Bowes MapInfo UK Limited, a wholly owned subsidiary of Pitney Bowes Inc. (NYSE: PBI), today announced its intention to acquire the outstanding shares of Portrait Software plc, a company which provides software to enhance existing customer relationship management systems, enabling clients to achieve improved customer retention and profitability.
Pitney Bowes intends to offer £0.31 in cash for each outstanding share of Portrait Software, for a total proposed transaction value of £44.4 million.
Pitney Bowes Chairman, President and CEO Murray Martin commented: “We are delighted to have reached agreement with the Board of Portrait Software on this recommended transaction. The acquisition of Portrait Software will expand our platform offering in customer relationship management technology and further enhance our range of integrated solutions we provide to our customers. The acquisition represents a good opportunity for Portrait Software and its shareholders to receive a premium over the current market value of their shares. Pitney Bowes’s scale and broad geographic footprint will open up new markets for Portrait Software’s products and will provide a platform from which to achieve growth in the future.”
Portrait Software offers a suite of software applications that help companies increase their level of engagement with their customers. These applications help companies 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.
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