PBI ,,, Pitney Bowes Buys Marketing Firm for $230M Thursday May 12, 6:55 pm ET Pitney Bowes Buys Marketing Firm for $230 Million to Boost Presence in Mailing Business
STAMFORD, Conn. (AP) -- Pitney Bowes Inc. said Thursday it has agreed to purchase a Waltham, Mass., marketing firm for about $230 million to boost the company's presence in the mailing business. Pitney Bowes, a mail, messaging and document management products and services company based in Stamford, agreed to buy 100 percent of the stock of Imagitas Inc.
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"This acquisition expands our presence in direct mail applications and leverages our leading mail services network," said Michael J. Critelli, chairman and chief executive of Pitney Bowes.
Among the customers of Imagitas, a privately held company, are state motor vehicle departments and the U.S. Postal Service, which use advertising and other information produced by Imagitas to accompany mail-in forms and other materials.
"Together, our customers will benefit from a wider range of services designed to produce a higher return on their mailing investment," said Brett Matthews, chief executive and founder of Imagitas.
The sale is expected to close by the end of the second quarter.
Shares of Pitney Bowes closed at $44.65, down 17 cents, in trading on the New York Stock Exchange Thursday.
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