Pitney Bowes seals £44m deal for UK software firm
US mail processing firm buys Portrait Software
US firm Pitney Bowes has agreed a £44 million deal to acquire
the UK-based software company Portrait Software.
Portrait's board accepted the 31 pence a share offer, handing
shareholders a 35 per cent premium on their present
Pitney Bowes chief executive Murray Martin claimed the move
would expand the firm's presence in customer relationship
management technology and further enhance their range of
He said in a statement: "The Pitney Bowes scale and broad
geographic footprint will open up new markets for Portrait's
products and will provide a platform from which to achieve growth
in the future."
The company, which provides software, hardware and services that
integrate physical and digital communication channels, plans to
finance the deal with its cash reserves.
Portrait Software posted a pre-tax profit of £1.1 million, while
revenue grew 10 per cent to £15.9 million for the last financial