March 16 2007 – Mailstream software, hardware, services and solutions provider Pitney Bowes Inc. announced it has entered into a merger agreement to acquire location intelligence solutions provider MapInfo Corporation for approximately $408 million (around Rs 1,800 crore).
MapInfo has approximately 940 employees worldwide with locations in the United States, the United Kingdom, Canada, Continental Europe, Australia and Asia. Yesterday MapInfo had announced the setting up of a research and development (R&D) and technical support center in Noida.
The transaction is expected to close in the second calendar quarter of 2007. It is anticipated that MapInfo will operate as a wholly-owned subsidiary of Pitney Bowes within its software segment. Pitney Bowes said the acquisition strengthens its position in the growing location intelligence market.
“At Pitney Bowes we have long understood the importance of location in connecting the right information with the right recipient. Increasingly businesses and governments alike are using location-based information to enhance their reach, performance and decision-making capabilities,” said Michael Critelli, chairman and CEO of Pitney Bowes. “We are excited about the acquisition of MapInfo because it leverages our current expertise in location intelligence to deliver a broader range of advanced solutions for retail, communications, insurance, financial services and the public sector as well as strengthening our customer communication management offering.”
MapInfo CEO Mark Cattini said “the combination of Pitney Bowes and MapInfo will dramatically expand our access to critical resources.”