Mergers and Acquistions News
Categories: IT Services & Consulting, Software
June 10th 2010, 17:29PM
British software firm Portrait is the subject of a takeover bid by US company Pitney Bowes, it has been announced.
Pitney Bowes, a company that provides mail processing solutions, has said that its board had agreed to acquire all outstanding shares in Portrait for 31 pence a share, in a deal worth a total of £44.4 million.
Oxfordshire-based Portrait Software offers a range of software applications that help companies engage with customers and it is hoped that the deal will allow Pitney to improve its platform of customer relationship management technology and improve its range of integrated business solutions.
Murray Martin, president and chief executive officer of Pitney Bowes, said the company's "scale and broad geographic footprint will open up new markets for Portrait Software's products and will provide a platform from which to achieve growth in the future".
Portrait Software recently announced the availability of its new Portrait Dialogue 5 product which the company said would help make businesses' marketing campaigns more efficient.
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