12/30/2014
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`Pitney Bowes - Wikipedia, the free encyclopedia
`
`Pitney Bowes
`
`From Wikipedia, the free encyclopedia
`
`Pitney Bowes Inc. (NYSE: PBI
`(https://www.nyse.com/quote/XNYS:PBI)) is an
`American manufacturer of software and hardware
`
`and a provider of services related to documents,
`packaging, mailing, and shipping. Based in
`Stamford, Connecticut, the company has
`,
`,
`.
`It 1s
`approx1mately 16,100 employees worldw1de.
`one of 87 existing firms that have been members of
`the S&P 500 since its creation in 1957.
`
`[1]
`
`Other major US. centers of operation include
`Danbury, Connecticut; Shelton, Connecticut; Troy,
`New York; and Lanham, Maryland.
`
`Contents
`
`.
`1 H1story
`
`I
`
`I 2 Research and technology
`
`I 3 Significant acquisitions
`
`I 4 Credit ratings
`
`I 5 References
`
`I 6 Further reading
`
`I 7 External links
`
`History
`
`In 1902, Arthur Pitney patented his first "double-locking" hand-
`cranked postage-stamping machine, and, with patent attorney
`Eugene A. Rummler, founded the Pitney Postal Machine
`Company. In 1908, English emigrant and founder of the
`Universal Stamping Machine Company Walter Bowes began
`providing stamp-canceling machines to the United States Postal
`Service. Bowes moved his operations to Stamford in 1917. A
`rapid increase in mail volume in 1919 made the Post Office
`more receptive to metered mail, and Pitney subsequently
`traveled to meet Bowes. On March 15, 1920, the United States
`
`House of Representatives passed a bill authorizing mechanical
`stamps on First-Class Mail, and on April 23, 1920, the two
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`Pitney Bowes Inc.
`
`#1? Pitney Bowes
`
`Type
`
`Traded as
`
`Public
`
`NYSE: PBI
`
`(https://www.nyse.com/quote/XNYS:PBI)
`
`Industry
`
`Founded
`t
`H d
`ea quar ers
`Key people
`
`S&P 500 Component
`
`Business Services
`
`1 920
`
`Stamford, Connecticut
`
`Arthur Pitney, Founder
`
`Walter Bowes, Founder
`
`Marc B. Lautenbach, President and CEO
`
`Michael Monahan, EVP and CFO
`
`Products
`
`Franking machines
`Geolocation software
`
`Revenue
`
`Number of
`
`employees
`
`Slogan
`
`Website
`
`Mail sorters
`
`CRM software
`
`Location intelligence
`
`Document composition
`
`$3.87 billion USD (2013)
`
`16,100 (2014)[1]
`
`Engineering the flow of communication
`
`www.pitneybowes.com
`
`(http://www.pitneybowes.com/us)
`
`
`
`Pitney Bowes headquarters in Stamford
`
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`Pitney Bowes - Wikipedia, the free encyclopedia
`
`companies merged to form the Pitney Bowes Postage Meter Company, with the goal of producing a
`machine that would combine Pitney's "double-locking" counter with Bowes' system for wrapping postage
`payment, postmarking and cancellation. The United States Post Office approved their postage meter on
`
`August 25, 1920.
`
`Between 1922 and 1923, the government collected $4,359,070 in postage from the first commercial
`installations of 400 meters. Pitney Bowes also began to sell their products internationally.
`
`In 1938, Walter H. Wheeler, Jr. was named President and Chairman of the Board and would lead the
`
`company over the next three decades. In the 1940s, Wheeler boycotted a hotel when it refused to register
`one black salesperson, championing a spirit of diversity that still exists today, writing: "Pitney Bowes'
`worksites will reflect the communities in which we operate."[2] During the 1950s, The National Urban
`League recognized Pitney Bowes for its leadership in providing job opportunities to African Americans.
`
`During World War II, Pitney-Bowes received an Army-Navy ‘E’ Award denoting excellence in production
`of crucially needed instruments of war. (February 1, 1943).[3]
`
`The company went public on the New York Stock Exchange in 1950. Subsequently, Pitney Bowes was
`named to the S&P 500 when this benchmark index was created in 1957 and joined the Fortune 500 in 1962.
`
`In 1968 Pitney Bowes acquired the Monarch Marking System Company, which would produce the first
`barcode equipment for retail trade use. To better provide financing options for their existing and
`prospective customers, the Pitney Bowes Credit Corporation was formed in 1976. (Pitney Bowes would
`continue to grow this line of business, launching the Pitney Bowes Bank in 1996.)
`
`Throughout the 19705 and 1980s, the firm expanded, offering copy machines and facsimile machines, a
`suite of management services and entering new markets, such as Japan. During this period, Pitney Bowes
`acquired Dictaphone and kept the dictation machine manufacturer as a wholly owned but independent
`subsidiary until the unit was sold in 199514]
`
`In the 1990s, Pitney Bowes continued to innovate in the field of digital technologies and software,
`introducing the AddressRight address & barcode printer (1991), the first in-line weighing and metering
`system (1992), the first secure digital postage meter (1995), the first ink jet postage meter (1996) and the
`Digital Document Deliver (D3) platform (1998) which provides message management via hard copy, web,
`email and fax.
`
`Since 2000, Pitney Bowes invested $2.5 billion in 83 acquisitions, primarily in software and services
`businesses including MapInfo, Group 1 Software, PSI Group and Imagitas. The Software Portfolio
`(http://www.pb.com/products-a-z/#Software) has been largely grouped into an operating division called
`Pitney Bowes Software (http://www.pb.com/software/).
`
`In August 2013, the firm announced that it sold its world headquarters building in Stamford, CT (One
`Elmcroft Road)[5] but it would remain in the same city and move to 3001 Stamford Square (Summer
`Street). The relocation is expected to be complete by the summer of 2014.[6][7]
`
`On October 1, 2013, Pitney Bowes sold its Management Services division (PBMS) to private equity firm
`Apollo Global Management for $400 million in cash, the proceeds of which would be principally to pay
`down debt.[8] PBMS has since been renamed Novitex Enterprise Solutions.[9]
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`Pitney Bowes - Wikipedia, the free encyclopedia
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`Research and technology
`
`Pitney Bowes’ intellectual property portfolio includes more than 3,500 patents worldwideUO] in areas such
`as ticketing, cellular phone payment, shipping, laser printing, encryption and mail production and
`processing. The Intellectual Property Owners (IPO) Association has consistently ranked Pitney Bowes in
`the top 200 companies receiving US. patents. Six of these patents are held by retired Executive Chairman
`Michael J. Critelli.
`
`Significant acquisitions
`
`Since 2000, Pitney Bowes has invested $2.5 billion in 83 acquisitions, primarily in software and services
`businesses.
`
`I 2010: Portrait Software plc, Henley-on-Thames, England; provides "customer-centric solutions that
`
`combine advanced customer analytics with inbound and outbound campaign managemen ".
`
`I 2007: MapInfo, Troy, NY; provides location intelligence solutions.
`
`I 2007: Digital Cement,[11] Toronto, Canada; provides customer relationship management strategy and
`
`services.
`
`I 2006: Print Inc., Bellevue, WA; provides print management solutions.
`
`I 2006: Advertising Audit Service (AAS) and PMH, MI; offers web-based tools for customized
`
`promotional mail and marketing collateral and designs and manages customer and channel
`
`performance solutions.
`
`I 2006: Ibis Consulting, Inc., RI; provides electronic discovery services and solutions to law firms and
`
`corporate clients.
`
`I 2006: Emtex Ltd., England; provides software and services that simplify document production and
`
`centrally manage multi-vendor and multi-site printer operations.
`
`I 2005: Imagitas,[12] Waltham, MA; provides marketing services that use the mail to help companies
`
`connect with hard to reach consumers, including new movers through My Move.[13]
`
`I 2005: Compulit Inc., MI; provides litigation support services to law firms and corporate clients.
`
`I 2004: International Mail Express (IMEX), NY; consolidates letters and flat-sized mail headed to
`
`international addresses.
`
`I 2004: Group 1 Software Inc., Lanham, MD; provides software that enhances mailing efficiency, data
`
`quality and customer communications.
`
`I 2004: Kilbum Office Automation Limited, acquired the mailing business division for a direct entry
`
`into the lucrative Indian Market. Pitney Bowes was advised by Nitin Banerjee and Nitesh Bhasin.
`
`I 2003: DDD Company, MD; provides fulfillment services, secure mail process, messenger services,
`
`logistics support, and record and information management.
`
`I 2002: PSI Group, Inc., Omaha, NE; provides pre-sort mail services.
`
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`Pitney Bowes - Wikipedia, the free encyclopedia
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`I 2001: Danka Services International (DSI), London, England; provides imaging equipment, and
`
`related services, parts and supplies in approximately 30 countries.
`
`I 2001: Secap SA, France; provides a range of mail processing and paper handling equipment for low-
`
`to mid-volume mailers.
`
`I 2001: Bell & Howell’s International MMT, London, England; markets and services high-end mail
`
`processing, sorting and service-related products.
`
`Credit ratings
`
`In February 2012 the credit rating for Pitney Bowes International Holdings was lowered by Fitch Ratings
`from BBB+ to BBB. The ratings agency said its main concern was "the downward trajectory" of Pitney
`Bowes' revenue, and added that they have a "negative outlook."[14]
`
`In March 2014, Moody's assigned a long-term rating of Baa2 to the company's proposed $350 million
`senior unsecured notes (due 2024) and reiterated their stable outlook on PBI. Moody's cited "an
`improvement in the company's operating margin to around 19%, from about 15% historically, following the
`sale of its labor intensive management services business" and "an operational restructuring which could
`yield annual cost savings of up to $170 million by 2016." [15]
`
`References
`
`1. A a 1’ "PBI Profile | Pitney Bowes Inc. Common Stock Stock - Yahoo! Finance" (http://finance.yahoo.com/q/pr?
`
`s=PBI+Prof11e). Finance.yahoo.com. Retrieved 2014-08-16.
`
`2. A Black Enterprise, July 2006
`
`3. A The Story of Pitney-Bowes, William Cahn, 1961
`
`4. A "Pitney Bowes Selling Dictaphone" (http://articles.chicagotribune.com/1995-04-
`
`27/business/95042701 13_1_stonington—partners-investment-group—machinery). Chicagotribune. com.
`
`5. A Stamford Advocate, August 14, 2013
`
`6. A Stamford Advocate, March 5, 2014
`
`7. A "2014 Winter Triangle | Pitney Bowes Choses 3001 Stamford Square" (http://www.ashforth.com/trianglel4-
`
`1_pb.htm1). Ashforth.com. 2014-03-05. Retrieved 2014-08-16.
`
`8. A "Pitney Bowes Newsroom | Pitney Bowes Completes Sale of its Management Services Business to Apollo
`
`Funds for $400 Million" (http://news.pb.com/press-re1eases/pitney-bowes-completes-sales-of-management-
`
`services-business-apollo-funds-400-million.htm). News.pb.com. Retrieved 2014-08-16.
`
`9. A http://www.novitex.com/pdfs/news-
`
`releases/PressRelease_l022013_PBMS%20B ecomes%20Novitex%20EnterpirseSolutions.pdf
`
`10. A IBM, Pitney-Bowes, others give free green patents (http://www.reuters.com/article/idUSNl430042220080114).
`
`Reuters. Retrieved on 2013-07-17.
`
`11. A digitalcement.com (http://www.digitalcement.com)
`
`12. A imagitas.com (http://www.imagitas.com)
`
`13. A mymove.com (http://www.mymove.com)
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`14. A "Fitch lowers Pitney Bowes credit ratings to 'BBB’ " (http://news.yahoo.com/fitch-lowers-pitney-bowes-credit-
`
`ratings-bbb-200532666.html). Yahoo! News. 2012-02-13.
`
`15. A "Moody's rates Pitney Bowes' new senior unsecured notes Baa2; outlook stable"
`
`(https://www.moodys.com/research/Moodys-rates-Pitney-Bowes-new-senior-unsecured—notes-Baa2—0utlook—-
`
`PR_294059?WT.mc_id=NLTITLE_YYYYMMDD_PR_294059). Moodys.com. 2014-03-04. Retrieved
`
`2014-08-16.
`
`Further reading
`
`I Cahn, William (1961). The Story ofPitney-Bowes. New York: Harper & Brothers.
`
`I Open Mike Blog of (http://www.mikecritelli.com) Michael J. Critelli, Pitney Bowes Executive
`
`Chairman
`
`External links
`
`I Pitney Bowes Home Page (http://www.pitneybowes.com/us)
`
`I Pitney Bowes Investor Relations
`
`(http://www.investorrelations.pitneybowes.com/)
`
`Wikimedia Commons has
`
`® media related to Pitney
`
`Bowes.
`
`Retrieved from "http://en.wikipedia.org/w/index.php?title=Pitney_Bowes&oldid=63 883 7916"
`
`Categories: Companies listed on the New York Stock Exchange Companies established in 1902
`
`Multinational companies headquartered in the United States
`
`Companies based in Fairfield County, Connecticut Electronics companies
`
`Manufacturing companies based in Connecticut Office supply companies
`
`I This page was last modified on 19 December 2014 at 22:51.
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