Nothing but negotiation

The Gap Partnership

Pitney Bowes seals £44m deal for UK software firm

US mail processing firm buys Portrait Software

10 June 2010

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 investments.

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 products.

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 year.

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