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April 13, 2004

Pitney Bowes expands software with Group 1 buy

Business mailing giant Pitney Bowes Inc has taken an important step to build up its document management software business with the $321m cash acquisition of Group 1 Software Inc, a company best known for its data quality software.

By CBR Staff Writer

Pitney Bowes CEO Michael Critelli said software is an increasingly important part of its value proposition for mailers. He said Group 1 had a broad range of products covering address management, data quality, document generation and delivery and marketing campaign management software that complemented its own mailing software line-up.

Stamford, Connecticut-based Pitney Bowes aims to integrate the mail and document-handling process across the enterprise into a market that it calls customer communications management, which it estimates is worth approximately $4bn and growing. A further attraction of Lanham, Maryland-based Group 1 is its customer base outside the US which will help Pitney Bowes grow its international footprint.

Group 1 will continue to operate under its current management and will operate under Pitney Bowes Global Enterprise Solution division, which in 2003 was responsible for $1.27bn of the company’s total revenue of $4.57bn.

The division currently embraces Pitney Bowes Management Services, which offers a range of services to manage the creation, processing, storage, retrieval, distribution and tracking of documents and messages in paper and digital form.

The division also offers software-enabled production mail systems, sorting equipment, incoming mail systems and electronic statement, billing and payment solutions.

Group 1 directors will probably be glad to say goodbye to the company’s stockholders. The company agreed to pay $17m for Sagent Technology Inc in April 2003 but the deal was delayed because it had to hold three stockholders’ meetings before sufficient numbers turned up to constitute a quorum and vote through the deal. As a result, it was forced to issue a profit warning after a three-month delay in closing the transaction.

This article is based on material originally published by ComputerWire

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