STAMFORD, Conn., Feb. 8 /PRNewswire-FirstCall/ -- Pitney Bowes Inc. today announced the successful completion of its acquisition of Emtex Ltd. for approximately $41 million. Emtex's software and services allow large-volume mailers to simplify document production and centrally manage complex multi-vendor and multi-site print operations. As a wholly owned subsidiary of Pitney Bowes, Emtex will operate under substantially the same management as it does now within the company's Document Messaging Technologies division.
"We are pleased to complete the acquisition of Emtex," said Michael J. Critelli, Chairman and CEO of Pitney Bowes. "Together we can help large mailers more seamlessly manage the production of high volumes of effective, cost-efficient, personalized mailings. Consistent with our growth strategies, the addition of Emtex helps us deliver added value to customers and shareholders by leveraging the current offerings of our Document Messaging Technologies division, expanding our range of software and professional service offerings, and growing our global customer base."
Emtex generated approximately $15 million in revenue in its last fiscal year and is headquartered in Kings Langley, U.K. with offices in Toronto Canada; Boca Raton, Florida; Dallas, Texas; and Canoga Park, California. It employs approximately 105 people worldwide.
Pitney Bowes provides the world's most comprehensive suite of mailstream software, hardware, services and solutions to help companies manage their flow of mail, documents and packages to improve communication. Pitney Bowes, with $5.5 billion in annual revenue, takes an all-inclusive view of its customers' operations, helping organizations of all sizes enjoy the competitive advantage that comes from an optimized mailstream. The company's 85 years of technological leadership have produced many major mailstream innovations, and it is consistently on the Intellectual Property Owners Association's list of top U.S. patent holders. With approximately 35,000 employees worldwide, Pitney Bowes serves more than 2 million businesses through direct and dealer operations. More information about the company can be found at http://www.pb.com/. More information regarding Emtex can be found at http://www.emtex.com/.
The statements contained in this news release that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements may be identified by their use of forward-looking terminology such as the words "expects," "anticipates," "intends" and other similar words. Such forward-looking statements include, but are not limited to, statements about growth strategies, market expansion, etc. Such forward- looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected. These risks and uncertainties include, but are not limited to: severe adverse changes in the economic environment, timely development and acceptance of new products or gaining product approval; successful entry into new markets; changes in interest rates; and changes in postal regulations, as more fully outlined in the company's 2004 Form 10-K Annual Report filed with the Securities and Exchange Commission. In addition, the forward-looking statements are subject to change based on the timing and specific terms of any announced acquisitions. The forward-looking statements contained in this news release are made as of the date hereof and we do not assume any obligation to update the reasons why actual results could differ materially from those projected in the forward-looking statements.
Contact:
Sheryl Y. Battles
Pitney Bowes Inc.
VP, Corporate Communications
203-351-6808
First Call Analyst:
FCMN Contact: peter.kerr@pb.com
