|Traded as||NYSE: PBI
S&P 500 Component
|Headquarters||Stamford, Connecticut, U.S.|
|Key people||Arthur Pitney, Founder
Walter Bowes, Founder
Marc B. Lautenbach, President and CEO
Michael Monahan, EVP and CFO
|Revenue||$5.3 billion USD (2011)|
Pitney Bowes Inc. (NYSE: PBI) is an American manufacturer of software and hardware and a provider of services related to documents, packaging, mailing, and shipping. Based in Stamford, Connecticut, the company has approximately 28,000 employees worldwide. It is one of 87 existing firms that have been members of the S&P 500 since its creation in 1957.
In 1902, Arthur Pitney patented his first "double-locking" hand-cranked postage-stamping machine, and, with patent attorney Eugene A. Rummler, founded the Pitney Postal Machine Company. In 1908, English emigrant and founder of the Universal Stamping Machine Company Walter Bowes began providing stamp-canceling machines to the United States Postal Service. Bowes moved his operations to Stamford in 1917. A rapid increase in mail volume in 1919 made the Post Office more receptive to metered mail, and Pitney subsequently traveled to meet Bowes. On March 15, 1920, the United States House of Representatives passed a bill authorizing mechanical stamps on First-Class Mail, and on April 23, 1920, the two companies merged to form the Pitney Bowes Postage Meter Company, with the goal of producing a machine that would combine Pitney's "double-locking" counter with Bowes' system for wrapping postage payment, postmarking and cancellation. The United States Post Office approved their postage meter on August 25, 1920.
Between 1922 and 1923, the government collected $4,359,070 in postage from the first commercial installations of 400 meters. Pitney Bowes also began to sell their products internationally.
In 1938, Walter H. Wheeler, Jr. was named President and Chairman of the Board and would lead the company over the next three decades. In the 1940s, Wheeler boycotted a hotel when it refused to register one Black salesperson, championing a spirit of diversity that still exists today, writing: "Pitney Bowes' worksites will reflect the communities in which we operate."
In 1968 Pitney Bowes acquired the Monarch Marking System Company, which would produce the first barcode equipment for retail trade use. In 1976, the Pitney Bowes Credit Corporation was formed, providing customers with financing and payment solutions. (Pitney Bowes would continue to grow this line of business, launching the Pitney Bowes Bank in 1996.)
In the 1990s, Pitney Bowes continued to innovate in the field of digital technologies and software, introducing the AddressRight address & barcode printer (1991), the first in-line weighing and metering system (1992), the first secure digital postage meter (1995), the first ink jet postage meter (1996) and the Digital Document Deliver (D3) platform (1998) which provides message management via hard copy, web, email and fax.
Between 2000 and 2007, Pitney Bowes invested $2.5 billion in 83 acquisitions, primarily in software and services businesses including MapInfo, Group 1 Software, PSI Group and Imagitas. The Software Portfolio has been largely grouped into an operating division called Pitney Bowes Software.
Pitney Bowes is known as an industry advocate, and has focused in recent years on advancing postal reform, the USPS Intelligent Mail barcode, transpromo and environmental sustainability.
Research and technology
Pitney Bowes’ intellectual property portfolio includes more than 3,500 patents worldwide  in areas such as ticketing, cellular phone payment, shipping, laser printing, encryption and mail production and processing. The Intellectual Property Owners (IPO) Association has consistently ranked Pitney Bowes in the top 200 companies receiving U.S. patents. Six of these patents are held by retired Executive Chairman Michael J. Critelli.
Since 2000, Pitney Bowes has invested $2.5 billion in 83 acquisitions, primarily in software and services businesses.
- 2010: Portrait Software plc, Henley-on-Thames, England; provides "customer-centric solutions that combine advanced customer analytics with inbound and outbound campaign management".[clarification needed]
- 2007: MapInfo, Troy, NY; provides location intelligence solutions.
- 2007: Digital Cement , Toronto, Canada; provides customer relationship management strategy and services.
- 2006: Print Inc., Bellevue, WA; provides print management solutions.
- 2006: Advertising Audit Service (AAS) and PMH, MI; offers web-based tools for customized promotional mail and marketing collateral and designs and manages customer and channel performance solutions.
- 2006: Ibis Consulting, Inc., RI; provides electronic discovery services and solutions to law firms and corporate clients.
- 2006: Emtex Ltd., England; provides software and services that simplify document production and centrally manage multi-vendor and multi-site printer operations.
- 2005: Imagitas , Waltham, MA; provides marketing services that use the mail to help companies connect with hard to reach consumers, including new movers through My Move .
- 2005: Compulit Inc., MI; provides litigation support services to law firms and corporate clients.
- 2004: International Mail Express (IMEX), NY; consolidates letters and flat-sized mail headed to international addresses.
- 2004: Group 1 Software Inc., Lanham, MD; provides software that enhances mailing efficiency, data quality and customer communications.
- 2004: Kilburn Office Automation Limited, acquired the mailing business division for a direct entry into the lucrative Indian Market. Pitney Bowes was advised by Nitin Banerjee and Nitesh Bhasin.
- 2003: DDD Company, MD; provides fulfillment services, secure mail process, messenger services, logistics support, and record and information management.
- 2002: PSI Group, Inc., Omaha, NE; provides pre-sort mail services.
- 2001: Danka Services International (DSI), London, England; provides imaging equipment, and related services, parts and supplies in approximately 30 countries.
- 2001: Secap SA, France; provides a range of mail processing and paper handling equipment for low- to mid-volume mailers.
- 2001: Bell & Howell’s International MMT, London, England; markets and services high-end mail processing, sorting and service-related products.
In February 2012 the credit rating for Pitney Bowes International Holdings was lowered by Fitch Ratings from BBB+ to BBB. The ratings agency said its main concern was "the downward trajectory" of Pitney Bowes' revenue, and added that they have a "negative outlook."
- PBI: Profile for PITNEY BOWES INC - Yahoo! Finance
- Black Enterprise, July 2006
- The Story of Pitney-Bowes, William Cahn, 1961
- IBM, Pitney-Bowes, others give free green patents. Reuters. Retrieved on 2013-07-17.
- "Fitch lowers Pitney Bowes credit ratings to 'BBB'". Yahoo! News. 2012-02-13.
- Cahn, William (1961). The Story of Pitney-Bowes. New York: Harper & Brothers.
- Open Mike Blog of Michael J. Critelli, Pitney Bowes Executive Chairman
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