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Pitney Bowes Acquires DDD For $49.5 Million

Tuesday, August 26, 2003

Press release from the issuing company

STAMFORD, Conn., and LANDOVER, Md., Aug. 25 -- Pitney Bowes Inc., the leading provider of integrated mail and document management solutions, has entered into a definitive agreement to acquire DDD Company for a net purchase price of $49.5 million. DDD offers a comprehensive array of services including, fulfillment services, secure mail processing, messenger services, logistics support, and record and information management. DDD will operate as Pitney Bowes Government Solutions, Inc., a stand-alone business reporting directly to Karen M. Garrison, executive vice president and group president, Pitney Bowes Management Services, Inc. Michael J. Critelli, Pitney Bowes chairman and CEO noted, "This transaction is another step in our plan to enhance shareholder value and grow our 2% share in the $250 billion global mail and document market. Our goal is to expand our document management capabilities and customer base while strategically diversifying the vertical markets we serve. The government sector is particularly important to us, and DDD brings considerable expertise and experience in that arena." In the fall of 2001, following the events surrounding 9/11 and the subsequent anthrax attacks, Pitney Bowes responded to the increased security needs of federal agencies and began offering its portfolio of secure mail, imaging and document management services. Pitney Bowes received U.S. Government Services Administration (GSA) certification to provide these services to Federal Agencies. By acquiring DDD, Pitney Bowes can further leverage the strong relationships DDD has developed with government agencies, as evidenced by its strong recurring annual revenue exceeding $70 million per year. "Government agencies are increasingly turning to trusted third parties to perform non-core activities," stated Garrison. "They seek to unlock and share the information contained in documents, manage the regulatory requirements of storing documents, all while creating more efficiency. For many of these agencies, utilizing a third party to help them engineer the flow of the communication not only results in bottom line cost savings, but increases organizational effectiveness because they can now focus on their core mission." Formed in 1980, DDD employs approximately 1,200 full-time employees. Headquartered in Landover, MD, DDD's corporate officers have more than 110 years of combined experience. "We are excited at the tremendous synergy and capacity to surpass customer expectations by combining these two organizations, " stated Donald D. Dilks, president and CEO, DDD Company. "While we have successfully managed and grown DDD for over two decades, Pitney Bowes will bring critical mass, a strong commitment to R&D and new ability to create a document strategy for customers across their enterprise."

 

 

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