Pitney Bowes, Inc. announced that it has signed a definitive agreement to acquire 100% of the stock of Print, Inc. for approximately $47 million, net of cash and debt. Print, Inc. is a leader in a rapidly growing component of the print management market that provides bundled offerings of printer supplies, service, and equipment to manage document production. These operations will be integrated into a wholly-owned subsidiary of the company, and operate as part of its Pitney Bowes Direct group led by Neil Metviner, Executive Vice President and President Pitney Bowes Direct. 

This acquisition helps the company add value in another critical part of the mailstream, according to Michael J. Critelli, Chairman and CEO of Pitney Bowes. 

Print, Inc. uses the term Document Management Infrastructure (DMI) to describe this rapidly growing, emerging component of the mailstream that integrates supplies, service, and printers into a consolidated program. They are a leading provider in the DMI market which is projected to grow at 30%. Print, Inc. generated approximately $49 million in revenue in 2005 by supporting small to mid-sized customers in a variety of industry verticals, such as legal services. They are headquartered near Bellevue, Washington and they employ 221 people in 15 sites. 

Subject to the completion of customary conditions this transaction is expected to close during the third quarter of 2006.