STAMFORD, Conn., July 20 -- Pitney Bowes Inc. today announced the successful completion of its acquisition of Group 1 Software, Inc., at a net cost of approximately $321 million. Group 1 is an industry leader in software that enhances mailing efficiency, data quality and customer communications. As a wholly owned subsidiary of Pitney Bowes, Group 1 will operate under substantially the same management as it does now within the company's Global Enterprise Solutions segment. "We are pleased to complete the acquisition of Group 1," said Michael J. Critelli, Chairman and CEO of Pitney Bowes. "Their industry leading infrastructure, expertise and solutions will help us better serve our customers, while expanding our global reach, growing our mailstream participation and laying the foundation for profitable expansion in the customer communication management market. Together we will help our customers be successful by providing a range of solutions for mailing efficiency, data quality, data integration, business intelligence, business geographics and customer communication." Group 1, based in Lanham, MD, employs approximately 600 people worldwide with sales offices in the U.S., Canada, U.K. and Europe, Japan, South Korea, Singapore, Malaysia, and China, and development centers in Lanham, MD, Austin, TX, Minneapolis, MN, Boulder, CO, Mountain View, CA, Toronto, Canada, and the London, England area. "This is a very positive move for Group 1 and our customers as we look to use the combined strengths of Pitney Bowes and Group 1 to deliver even greater value to the marketplace," said Bob Bowen, CEO of Group 1.