Pitney Bowes Seeks to Acquire Outstanding Shares of Portrait Software plc
June 10 2010 - 2:35AM
Business Wire
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.
Portrait Software is headquartered in Henley-on-Thames,
Oxfordshire, United Kingdom.
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
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