By Will Sturgeon, 13 April 2004 17:10
NEWS US document management giant Pitney Bowes has bought software firm Group 1 in a cash deal worth $321m.
Pitney Bowes will buy all the outstanding Group 1 stock for $23 per share, making it a wholly owned subsidiary.
Michael J. Critelli, chairman and CEO of Pitney Bowes, believes Group 1's database management software will further strengthen his own company's offering.
"The acquisition of Group 1 Software supports the areas we have previously identified for sustained growth in customer and shareholder value mailstream expansion, document management, global penetration and cross-selling," he said in a statement.
"Group 1 has a broad range of address management, data quality, document generation and delivery and marketing campaign management software applications that complement our existing mailing software business and products," he added.
The deal is still subject to shareholder approval but it is expected to go through in the third quarter of 2004.
Group 1, which boasts revenues of $104m for its fiscal 2003, will continue under the same management.
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