Pitney Bowes Inc. announced it has entered into a merger agreement to acquire MapInfo Corporation for approximately $408 million in cash, net of expected cash on MapInfo's balance sheet at the time of closing. MapInfo is a provider of location intelligence solutions. Pitney Bowes will commence a tender offer at a price of $20.25 per share in cash for the outstanding common shares of MapInfo. MapInfo's tools and services are utilized by more than 7,000 organizations worldwide in virtually every industry. MapInfo generated $165 million in revenue for its fiscal year 2006. The company, established in 1986, is headquartered in Troy, N.Y. and has approximately 940 employees worldwide with locations in the United States, the United Kingdom, Canada, Continental Europe, Australia and Asia.

This acquisition strengthens Pitney Bowes' position in the location intelligence market and enhances its ability to deliver added value to customers worldwide, according to Michael J. Critelli, chairman and CEO of Pitney Bowes. "At Pitney Bowes we have long understood the importance of location in connecting the right information with the right recipient," he says. "Increasingly businesses and governments alike are using location-based information to enhance their reach, performance and decision-making capabilities. 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."

According to Mark Cattini, CEO and president of MapInfo, "The combination of Pitney Bowes and MapInfo will dramatically expand our access to critical resources needed to further increase market awareness and our distribution capabilities around the world. In addition, from a long-term perspective, we believe there is a significant opportunity to cross-sell our respective solutions across our blue-chip base of more than 7,000 customers and the over two million Pitney Bowes customers worldwide."