Pitney Bowes Inc. announced today that it has reached another significant milestone in its plans to acquire Portrait Software plc: the delisting on August 10 of Portrait Software plc shares from the Alternative Investment Market of the London Stock Exchange.
Portrait Software plc is a UK-based company that provides a suite of software products to enhance existing customer relationship management systems, enabling clients to achieve improved customer retention and profitability. When the acquisition is complete, Portrait Software will be integrated into Pitney Bowes Business Insight, a global $350 million software business headquartered in East Greenbush, New York.
Pitney Bowes' Chairman, President and CEO Murray Martin commented: "Pitney Bowes is increasingly capable of helping our customers grow their revenues, and adding the tools and solutions of Portrait Software to our portfolio helps accelerate this trend. Our clients want to be able to make more effective decisions that can drive customer engagement, loyalty and revenue potential, and Pitney Bowes is moving to meet those needs."
Portrait Software offers software applications that help companies increase their level of engagement with their customers. These applications enable companies to design and execute more effective customer service and marketing campaigns based on superior insight into customer behavior. By applying these software tools, companies can see greater return on investment for their marketing dollars.
The initial acquisition offer for Portrait Software was announced on June 10. Pitney Bowes subsequently announced on July 5 that it had received acceptances in respect of over 90% of Portrait's existing issued ordinary shares. The offer of £0.31 in cash for each outstanding share of Portrait Software is open until August 25.
Portrait Software is located in Henley-on-Thames, Oxfordshire, United Kingdom.