Pitney Bowes Inc., Stamford, CT, has inked an agreement to acquire Group 1 Software Inc. of Lanham, MD. The all-cash transaction is valued at $321 million, or $23 per share of Group 1 stock.
Once approved by Group 1 shareholders, the company will operate as a wholly owned subsidiary of Pitney Bowes’s Global Enterprise Solutions segment. Plans call for Group 1’s management to remain with the company. Group 1 employs roughly 600 people worldwide.
“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,” Michael J. Critelli, Pitnew Bowes’s chairman and CEO said in a statement.
Critelli continued, “Software is an increasingly important part of our value proposition for mailers.
