STAMFORD, Conn., May 12 -- Pitney Bowes Inc. today signed a definitive agreement to acquire 100% of the stock of Imagitas, Inc. for approximately $230 million, net of unrestricted cash on the balance sheet of Imagitas. Imagitas is a marketing services company that specializes in using the mail to help companies connect with hard to reach consumers. Imagitas will become a wholly-owned subsidiary of Pitney Bowes within its Global Business Services segment, continuing to operate under its current management. Subject to satisfaction of regulatory and other customary conditions, the transaction is expected to close by the end of second quarter 2005.
This acquisition is another example of the company's implementation of its growth strategies, according to Michael J. Critelli, Chairman and CEO of Pitney Bowes. "The acquisition of Imagitas helps us expand our presence in the mailstream, and add to the array of valuable services that we currently deliver to our customers. We are helping large mailers optimize the power of mail to grow their business by combining the expertise, relationships and marketing channels of Imagitas, with our mailing and document management systems, software and services. This acquisition expands our presence in direct mail applications and leverages our leading mail services network."
Imagitas, headquartered in Waltham, MA, forms strategic partnerships with organizations such as Departments of Motor Vehicles and the U.S. Postal Service, that are looking to improve customer communication and provide customers with alternative options for completing required processes remotely. Imagitas creates information-packed kits to guide recipients through designated processes including mail-in forms, valuable information about how to complete the process and interact with the organization, and relevant offers from co-marketing partners of Imagitas across a broad range of industries such as retail, automotive and financial services. The privately- held company had revenue of approximately $87 million in 2004 and employs about 100 people.
According to Brett Matthews, current CEO and founder of Imagitas, "We are excited about becoming part of Pitney Bowes. We specialize in matching life events and marketing information and services that are most relevant to the individual at the time. We are excited about how our overall expertise and services fit with Pitney Bowes mailstream management strategy for its customers. Together our customers will benefit from a wider range of services designed to produce a higher return on their mailing investment."
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