8-K: Current report
Published on
United States
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549-1004
FORM 8 - K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): April 9, 2001
PITNEY BOWES INC.
Commission File Number: 1-3579
State of Incorporation IRS Employer Identification No.
Delaware 06-0495050
World Headquarters
Stamford, Connecticut 06926-0700
Telephone Number: (203) 356-5000
Item 5 - Other Events.
The registrant's press release dated April 9, 2001, regarding its announcement
to acquire Danka Services International.
Item 7 - Financial Statements and Exhibits.
c. Exhibits.
The following exhibits are furnished in accordance with the provisions of Item
601 of Regulation S-K:
Exhibit Description
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(1) Pitney Bowes Inc. press release dated April 9, 2001.
Signatures
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Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
PITNEY BOWES INC.
April 13, 2001
/s/ B. P. Nolop
-------------------------------------
B. P. Nolop
Executive Vice President and
Chief Financial Officer
(Principal Financial Officer)
/s/ A. F. Henock
-------------------------------------
A. F. Henock
Vice President - Finance
(Principal Accounting Officer)
EXHIBIT 1
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Pitney Bowes Agrees to Acquire
Danka Services International
- Move Positions Pitney Bowes as Leading Global Supplier of
Enterprise-Wide Document Management Services for Fortune 1000/FTSE-
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STAMFORD, Conn., U.S.A. April 9, 2001 -- Pitney Bowes Inc. (NYSE: PBI) has
entered into an agreement to acquire Danka Services International (DSI), a
wholly owned division of Danka Business Systems PLC, for $290 million in cash.
The parties expect the transaction to close by the end of the second quarter of
2001.
The acquisition provides critical mass, additional expertise,
strengthened international market share for Pitney Bowes and is an important
growth strategy to support global enterprises with sophisticated, high-value
document management services. "Acquiring DSI is in accord with our mission to
provide leading edge, global, integrated mail and document management
solutions," said Michael J. Critelli, Chairman and CEO, Pitney Bowes. "More than
ever, today's corporations see their documents as strategic assets and
understand that information sharing, through efficient document imaging,
distribution, management, can "unlock" this value and build distinct competitive
advantage."
Pitney Bowes' approach adds measurable value across the document
lifecycle, linking both physical and electronic forms in a flexible, easily
accessible and leverageable network. "From outgoing and incoming mail and
messaging management, document creation production, to distribution, archiving
and retrieval, Pitney Bowes Management Services provides a variety of ways to
input, access and manage documents, giving customers tools that match their
tasks, processes and their individual work habits," said Critelli.
Beginning operations in 1991 as Kodak Imaging Services (a division of
Eastman Kodak), the group was acquired by Danka in 1996 and became Danka
Services International. Today, DSI has approximately 330 on and off-site
customer operations and employs 3,400 people across Europe and North America
including the U.S., Canada, the U.K., Ireland, France, Italy, Denmark, Sweden,
Germany, Norway, the Netherlands and Belgium.
Pitney Bowes Management Services today represents more than 15% of
Pitney Bowes consolidated revenue and is among the fastest growing components of
the business. Combined, Pitney Bowes Management Services and DSI will produce
nearly $1 billion in annualized revenue, making it one of the largest players in
the market.
Pitney Bowes' business scope extends to helping customers manage the
messages, "money" (leasing, credit, and funds), business information around core
processes, including billing and statement management operations, customer
relationship management, supply chain management, and everyday employee
communications. Customers gain new flexibility when they can outsource these
critical, but non-core business `infrastructure' processes to Pitney Bowes
Management Services.
"If these `business basics' do not operate at full capacity and peak
productivity," said Critelli, "our customers cannot concentrate on developing
the innovative product and services that will deliver value for their own
shareholders. Being a trusted outsourcing provider and partner to our customers
is a critical element of the overall value Pitney Bowes' provides."
In business since 1988, Pitney Bowes Management Services began by
providing on site mail room management services to large corporate (Fortune
1000/FTSE) customers and top law firms and quickly expanded its scope to match
customer demand.
The company's on-and off-site services now include:
o Accountable mail and package management
o Online print and copy services
o Commercial and legal imaging
o Secure desktop messaging and document creation
o Document factory solutions and business recovery
o Records and information management
o Copy center and network fax management
o Equipment acquisition and fleet management
o Mail center facilities management
In addition to sharing strategic direction and technology focus, Pitney
Bowes Management Services and DSI also have a similar market approach that
values direct sales and support and a "high touch" customer interface. The
combined customer bases of Pitney Bowes Management Services and DSI include a
large percentage of the Fortune 1000/FTSE.
"We deliver value for our customers by providing both highly skilled
staff and industry leading technology to help customers manage a variety of
critical processes," said Karen Garrison, Group President, Pitney Bowes Business
Services. "Not only do we link communications streams and make key message
services available on the desktop, rationalize and manage office support
equipment and systems, and manage document factory-level transaction
applications and business recovery, but we do so with a flexible mix of on- and
off-site personnel and facilities. DSI and Pitney Bowes' customers alike will
benefit as we share experience and applications expertise, collaborate to create
best-in-class technology solutions and expand our market reach."
"DSI has a solid track record of providing customers with leading edge
technology, process management expertise and turn-key, people-friendly
solutions," said Randy Miller, who will remain with the combined companies as
president, Danka Services International, reporting to Karen Garrison. "Joining
with Pitney Bowes, a company whose values, market based strategies and
technologies dovetail with ours, is a win for customers. Separately, we provide
innovative solutions but together we become a major force to be reckoned with in
digital document and facilities management industry -- accelerating the value we
provide to customers and shareholders alike."
Based in Rochester, NY, Danka Services International (DSI) is the
facilities management division of Danka Business Systems. DSI provides on- and
off-site document management services, including the management of central
reprographics departments, the placement and maintenance of photocopiers,
print-on-demand operations and document archiving and retrieval services.
Danka Business Systems PLC, headquartered in London, England and St.
Petersburg, Florida, is one of the world's largest independent suppliers of
office imaging equipment and related services, parts and supplies. Danka
provides office products and services in approximately 30 countries around the
world.
Connecticut-based Pitney Bowes Inc. is a $4 billion global provider of
integrated mail and document management solutions. More information on Pitney
Bowes or Pitney Bowes Management Services, is available at www.pitneybowes.com.
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