STAMFORD, Conn., May 21 -- Pitney Bowes Inc. today acquired substantially all of the assets of International Mail Express, Inc. for $29 million. With annual revenue of approximately $54 million, IMEX consolidates letters and flat-sized mail headed to international addresses to reduce postage costs and expedite delivery. With this acquisition the company is continuing to execute its growth strategy according to Michael J. Critelli, Chairman and CEO of Pitney Bowes. "The acquisition of International Mail Express is another example of how we are enhancing customer and shareholder value by expanding our participation in the mailstream. IMEX helps us add more value and grow the set of services that we offer current and potential customers." IMEX, founded in 1986, is headquartered in College Point, New York and employs approximately 170 people. Its expertise is in developing the most cost effective route for getting letters, flat-sized mail, publications and literature to their final destination outside of the U.S. That includes using proprietary software to reduce transportation costs. IMEX has processing centers in College Point, New York, San Francisco, California and Ashburn, Virginia. IMEX will become part of the company's Global Mailstream Solutions segment and continue to operate under its current management.