Pitney Bowes Agrees to Acquire Alysis Technologies
Press release from the issuing company
STAMFORD, Conn. and EMERYVILLE, Calif., March 20, 2001 - Pitney Bowes Inc. (NYSE:PBI) today announced it has entered into a merger agreement to acquire Alysis Technologies Inc. (OTC BB:ALYS), a leading provider of business-to-business and business-to-consumer digital document delivery solutions, for $24 million in cash. The acquisition will give Pitney Bowes industry-leading software and services that integrate web-enabled documents into overall e-commerce strategies and complement the company's existing capabilities and expertise in this rapidly emerging market.
In the next several days, Pitney Bowes will commence a tender offer at a value of $1.39 per share for the outstanding common shares of Alysis. The companies anticipate that the transaction will be completed by mid-to-late April.
"The contemplated acquisition of Alysis is directly in line with our mission to support our customers' mission-critical mail and document management processes," said Michael J. Critelli, Chairman and CEO of Pitney Bowes. "Increasingly, electronic bills and statements are being recognized as an under utilized opportunity to advance customer relationships. Firms are seeking ways to increase the flexibility of their processes to accommodate customer preferences for web-based self-service, and workflow integration within businesses. Combined, Pitney Bowes and Alysis will answer this need, supporting businesses as they go through the evolution of these critical processes."
Pitney Bowes Document Messaging Technologies (DMT) offers professional services and software solutions for Internet billing and statement presentment and payment applications, and has deployed the Alysis technology for more than two years to provide "best of breed" web-enabled solutions. Current customers of both companies include The Post Office of the United Kingdom, Aetna Insurance, Detroit Edison, Wisconsin Energy, United Illuminating, State of Oregon and the Jersey Post.
"By combining Alysis' technology, talent and customer base with our customer reach, products and service capabilities, Pitney Bowes will be poised to take a significant position in the growing digital delivery environment," said Mr. Critelli. "Given our long-standing and highly successful relationship with Alysis, we anticipate a smooth transition that will enable us to sustain market momentum and handle the increasing demand for implementation services."
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