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Pitney Bowes Completes Acquisition of DDD Company

Press release from the issuing company

STAMFORD, Conn., and LANDOVER, Md., Oct. 23 -- Pitney Bowes Inc. has completed its acquisition of DDD Company for a net purchase price of $49.5 million. The Maryland based company provides a broad array of services including, fulfillment services, secure mail processing, messenger services, logistics support, and record and information management. For the year ended December 31, 2002, DDD posted revenue of approximately $70 million. 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 Business Services. Garrison has appointed Robert Hahn to the position of president, Government Solutions, to oversee the day-to-day operations of the business. "This acquisition fits within our strategy to expand our technological capabilities in mail and document management growth markets. It also accelerates our diversification of the PBMS customer base into the targeted government sector, increases cross-selling opportunities, and better positions us for future growth in this important sector," stated Garrison. "In a time when government and businesses are more focused on the security of their operations, DDD's ability to provide trained staff with security clearances will complement Pitney Bowes already robust offering of on- and off- site secure mail solutions," Garrison added.