For
Immediate Release
Pitney Bowes Completes
Acquisition of MailCode Inc.
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
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