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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.

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