Pitney Bowes to Acquire Print Inc.
Pitney Bowes Inc. has signed a definitive agreement to buy 100 percent of the stock of Print Inc. for approximately $47 million. Subject to the completion of customary conditions, this transaction is expected to close during the third quarter of 2006.
Print Inc. provides bundled offerings of printer supplies, service and equipment to manage document production. These operations will be integrated into a wholly-owned subsidiary of the company, and operate as part of its Pitney Bowes Direct group led by Neil Metviner, executive vice president and president of Pitney Bowes Direct.
Stamford, CT-based Pitney Bowes said the deal helps the company add value in another critical part of the mail stream.
Print Inc. generated approximately $49 million in revenue in 2005 by supporting small- to mid-size customers in a variety of industry verticals, such as legal services. They are headquartered near Bellevue, Washington and employ 221 people at 15 sites.