Pitney Bowes Completes Acquisition of Ibis Consulting
Tuesday, April 25, 2006
STAMFORD, Conn., April 24 -- Pitney Bowes Inc. today announced the successful completion of the acquisition of Ibis Consulting, Inc. for approximately $67 million. Ibis is a leading provider of electronic discovery (eDiscovery) services to law firms and corporate clients. As a wholly owned subsidiary of Pitney Bowes Management Services, Ibis will operate under substantially the same management as it does now within the company's legal solutions vertical. The completion of this acquisition is good news for customers and shareholders, according to Michael J. Critelli, Chairman and CEO of Pitney Bowes. "By combining Ibis Consulting's complementary offerings with those of Compulit we can now provide channel partners, law firms and corporate legal departments one of the most comprehensive portfolios of litigation support services in the industry. Our shareholders stand to benefit as we continue to diversify and strengthen our presence in fast growing segments of the mailstream and expand our capability to manage both hard copy and electronic documents." Ibis Consulting generated approximately $23 million in revenue in its last fiscal year by providing eDiscovery services and solutions for independent resellers, law firms, corporations and other partners involved in large-scale litigation, white-collar criminal defense, and mergers and acquisitions. It is headquartered in Providence, Rhode Island and employs approximately 100 people.