Pitney Bowes to Acquire Advertising Audit Service Inc. and pmh Caramanning
2006 MAY 31 | BYSTAMFORD, Conn. May 31, 2006 - Pitney Bowes Inc. (NYSE:PBI) today announced that it has signed a definitive agreement to acquire substantially all of the assets of Advertising Audit Service (AAS) and pmh Caramanning. AAS offers a variety of Web-based tools for the customization of promotional mail and marketing collateral. pmh Caramanning designs and manages customer and channel performance solutions. These operations will become a wholly-owned subsidiary of the company, and operate as part of its Mail Services business led by Michael Monahan, Executive Vice President and President, Global Mailing Solutions and Services. Subject to the completion of customary conditions this transaction is expected to close during the second quarter of 2006.
This acquisition is another step in the company's growth strategies, according to Michael J. Critelli, Chairman and CEO of Pitney Bowes. "Last year we established a direct marketing platform with the acquisition of Imagitas. This transaction enlarges our presence in the growing marketing services arena and expands our range of offerings for creating and managing promotional mailstream programs."
AAS offerings include Web-based tools for digital asset management, ad customization, media fulfillment, and co-op advertising management. pmh Caramanning offers turnkey loyalty, incentive and certification solutions, including program strategy, Web-based administration as well as collateral and reward fulfillment. Headquartered in Farmington Hills, Michigan, the combined operations generated approximately $27 million in revenue in 2005.
About Pitney Bowes
Pitney Bowes provides the world's most comprehensive suite of mailstream software, hardware, services and solutions to help companies manage their flow of mail, documents and packages to improve communication. Pitney Bowes, with $5.5 billion in annual revenue, takes an all-inclusive view of its customers' operations; helping organizations of all sizes enjoy the competitive advantage that comes from an optimized mailstream. The company's 86 years of technological leadership have produced many major mailstream innovations, and it is consistently on the Intellectual Property Owners Association's list of top U.S. patent holders. With approximately 34,000 employees worldwide,
Pitney Bowes serves more than two million businesses through direct and dealer operations. More information about the company can be found at http://www.pb.com.
Certain information contained in this press release constitutes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are inherently uncertain and involve risks. Consequently, actual results may differ materially from those indicated by the forward-looking statements. These statements may be identified by their use of forward-looking terminology such as the words "expects," "anticipates," "intends" and
other similar words. Such forward-looking statements include, but are not limited to, statements about growth strategies, market expansion, etc. Such forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected.