NEW YORK (CNN/Money) -
Pitney Bowes will buy marketing services company Imagitas for about $230 million as part of its growth strategy, the provider of mail equipment and services said in a statement Thursday.
Pitney Bowes (Research), the world's largest producer of postage meters, said it will acquire 100 percent of the stock of Imagitas, which will become a unit of the company's Global Business Services segment.
The deal is expected to close by the end of the second quarter.
"We are helping large mailers optimize the power of mail to grow their business by combining the expertise, relationships and marketing channels of Imagitas, with our mailing and document management systems, software and services," Pitney Bowes Chairman and CEO Michael J. Critelli said.
Imagitas, whose customers include state and federal government agencies, provides targeted direct mailing services such as the U.S. Postal Service's mover's guide and welcome kit.
The acquisition expands Stamford, Conn.-based Pitney Bowes' presence in direct mail applications and leverages its leading mail services network, Critelli said.
Imagitas recorded about $87 million in revenue in 2004 and has about 100 employees.
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