STAMFORD, Conn., December 12, 2007 - Pitney Bowes Inc.announced today that it has entered into an agreement to acquire the Pitney Bowes business division, including inventory, and stocks, equipment, customers, employees and other assets of CL Computers Pte Limited and CL Computers (M) Sdn Bhd., the company that has served as its distributor for the mailstream markets in Singapore and Malaysia.
CL Computers, now a major supplier of electronic banking equipment, was founded in 1985 and initially served as a distributor for computer products. Pitney Bowes appointed the company as its distributor in Malaysia and Singapore in 1998, and CL Computers now serves thousands of mailstream customers in the banking, insurance and logistics industries from offices in Singapore, Kuala Lumpur and other locations.
"This acquisition is consistent with our strategy to expand in the most promising international markets," commented Pitney Bowes President and CEO Murray Martin. "We already have direct presence in several key Asian countries, and we think both Malaysia and Singapore have untapped potential for mailstream hardware, software and customized solutions."
The acquisition follows the recent official opening in Singapore of Pitney Bowes's regional headquarters for Asia-Pacific and Middle East (APME) operations, under the leadership of APME President Eric-Yves Mahe. Mahe has publicly stated the company's desire to expand dramatically across the region, potentially doubling sales within the next five years.
"Mailstream technology has long delivered substantial value to large customers in North America and Europe," said Mahe. "With our strong base in developed markets such as Australia, New Zealand and Japan, we feel we are well positioned to deliver these same benefits to forward-thinking customers in emerging markets as well. The recent liberalization of the Singapore postal sector and the impending liberalization contemplated for the region also present strong opportunities for Pitney Bowes."
Financial terms of the transaction were not disclosed.