STAMFORD, Conn. and PARIS, October 31, 2001 -- Pitney Bowes Inc. (NYSE:PBI) today announced it has completed the acquisition of Secap SA, the France-based mailing systems subsidiary of Fimalac, for approximately Euros 220 million. Secap offers a range of mail processing and paper handling equipment, supplies and technology for low- to mid-volume mailers. Secap holds more than 30% of the postage meter market share in France and has an approximately 60% recurring rental revenue stream. For the year ended December 31, 2000, Secap reported revenues of FF602 million excluding the ANFA operations, which were sold in 2000.
"This strategic acquisition strengthens our geographic coverage, expands our distribution capabilities and significantly increases our market presence in Europe, particularly in France, the third largest mailing market in the world," said Michael J. Critelli, Chairman and CEO of Pitney Bowes Inc. "Secap's technology and growing line of digital mailing solutions will play a key role in our global strategy to deliver a networked platform that links mailers to postal and carrier information and systems."
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