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Pitney Bowes buying U.K. software firm

6/10/2010

Stamford's Pitney Bowes Inc. said Thursday that one of its British subsidiaries will acquire the U.K.'s Portrait Software PLC for about $64.8 million in cash, The Associated Press reports.

Portrait Software, based in Oxfordshire, sells software to help companies improve customer service and marketing.

Under the terms of the deal, Pitney Bowes MapInfo UK Limited will offer about 45 cents per share for each outstanding share of Portrait Software.

Pitney Bowes makes document-management equipment among other products.