Pitney Bowes acquires DDD Co.
- By Gail Repsher Emery
- Aug 25, 2003
Pitney Bowes Inc., a provider of integrated mail and document management solutions, will buy DDD Co. of Landover, Md., for $49.5 million, officials of Stamford, Conn.-based Pitney Bowes announced today.
DDD provides fulfillment services, secure mail processing, messenger services, logistics support and record and information management.
DDD will operate as Pitney Bowes Government Solutions Inc., a standalone business reporting directly to Karen Garrison, executive vice president and group president of Pitney Bowes Management Services Inc., a wholly owned subsidiary of Pitney Bowes Inc.
The purchase will strengthen Pitney Bowes' position in the government outsourcing industry, company executives said.
"Our goal is to expand our document management capabilities and customer base while strategically diversifying the vertical markets we serve. The government sector is particularly important to us, and DDD brings considerable expertise and experience in that arena," said Michael Critelli, chairman and chief executive officer of Pitney Bowes.
Pitney Bowes has a 2 percent share of the $250 billion global mail and document market, Critelli said.
In fall 2001, following the events surrounding the Sept. 11 terrorist attacks the subsequent anthrax attacks, Pitney Bowes began offering its secure mail, imaging and document management services to federal agencies.
The acquisition will allow Pitney Bowes to leverage DDD's relationships with government agencies, Pitney Bowes officials said. DDD has annual revenue of more than $70 million and employs about 1,200 people.
Pitney Bowes will bring critical mass, a strong commitment to research and development and the ability to create enterprisewide document management strategies for customers, said Donald Dilks, president and chief executive officer of DDD.
Pitney Bowes Inc. has $4.4 billion in annual revenue and employs 33,000 people worldwide.