Pitney Bowes is the most recognized global technology company for postage meter and other mail delivery equipment and services, and with recent expansions, into global e-commerce, software, and other technologies. The company was founded by Arthur Pitney, who invented the first commercially available postage meter, and Walter Bowes as Pitney Bowes Postage Meter Company on April 23, 1920.
Pitney Bowes provides customer engagement, customer information management, global e-commerce, location intelligence, and shipping and delivery services to approximately 1 million customers in around 100 countries worldwide by 2016. The company is a certified "work-partner" of The United States Postal Service, and helps agencies sort and process 15 billion pieces of mail each year. Pitney Bowes has also commissioned surveys related to international e-commerce.
Pitney Bowes is based in Stamford, Connecticut, and operates a 300,000 square foot Global Technology Center for manufacturing and engineering in Danbury, Connecticut. The company has 33 operations centers across the United States, and additional offices in Hatfield (UK), New Delhi, and Tokyo. In December 2016, Pitney Bowes employs approximately 14,000 people worldwide.
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History
In 1902, Arthur Pitney patented his first locking machine, and with patent lawyer Eugene A. Rummler, founded the Pitney Postal Machine Company. In 1908, British emigrant and founder of Walter Bowes Universal Stamping Machine Company began providing a stamp revocation machine to the United States Post Office. Bowes moved operations to Stamford in 1917. The two companies merged to form the Pitney Bowes Postage Meter Company in 1920 with the discovery of commercially available postage meters. The company created its first logo, which "symbolized" the security of a metered email system ", in 1930. In 1950, Pitney Bowes started an advertising campaign in a national publication with the message," Meter letters make life easier mailers. "In 1971, introduced a new logo, representing "paper and electronic-based communication intersections." Pitney Bowes rewarded approximately $ 18 billion in December 1998.
In April 2003, Pitney Bowes filed suit at King County High Court in Seattle against Mark Browne and Howard Gray, who founded Nexxpost's rival company in 2002, as well as six other former employees, for "[engaging] in abuses ranging from trade secret misuse to breach the confidentiality agreement ". Both companies reached completion in August 2003.
The company reported profit of $ 498.1 million in 2003. In 2005, Pitney Bowes revenue and profits increased by more than 11 percent, and the company employed 32,500 people. In 2006, the company had $ 5.7 billion in annual revenue, and more than 35,000 employees.
In 2008, along with other companies, Pitney Bowes donated two of its 3,400 patents to Eco-Patent Commons, operated by the World Business Council for Sustainable Development, in an effort to reduce pollution. One patent increases the lifetime of electronic scales, reduces waste piles, and the other is inkjet printing technology that reduces the use of ink. In 2009, Pitney Bowes was named one of the world's largest software companies by Software Magazine. The company earned $ 98.6 million over the last three months of 2009, compared to $ 74 million a year earlier; during the same time, revenues declined 6 percent, from $ 1.55 billion to $ 1.45 billion. In December 2009, Pitney Bowes opened its first customer innovation center in Shelton, Connecticut.
The company sells Pei & amp; The headquarters designed by partners at Stamford for nearly $ 40 million in 2013, and moved to a new, smaller headquarters in the city. According to Hartford Courant, Pitney Bowes is eligible to receive as much as $ 27 million in subsidies over five years as part of the state's "Five First" program, to maintain 1,600 employees and add 200 more. In 2014, the company announced plans to change its image. Pitney Bowes launched its new logo in January 2015, replacing its use since 1971; rebranding campaigns, including updated website and marketing, are reportedly worth between $ 40 million and $ 80 million.
In February 2012, credit ratings for Pitney Bowes International Holdings were downgraded by Fitch Ratings from BBB to BBB. The rating agency says its main concern is the "downward path" of Pitney Bowes income, and adds that they have "a negative outlook." In March 2014, Moody's extended Baa2's long-term rating to the company proposing $ 350 million unsecured senior records (due 2024) and reaffirming their stable view of the PBI. Moodyy cited "an increase in operating margin of the company to about 19%, from about 15% historically, following the sale of the business of labor-intensive management services" and "operational restructuring that could result in annual cost savings of up to $ 170 million by 2016."
In 2016, the company launched its first television advertising campaign in nearly twenty years; "Trade Craftsman" is worth $ 20 million and includes three ads for national news and sports networks. Pitney Bowes announces a six-month startup accelerator program, "Scale-Up", in August 2016. Participating companies in the program, which is a collaboration with the NASSCOM 10,000 Startups initiative, includes: eCourierz, an online automated submission tool; Infinite Analytics, a data analytics company; Medimojo's digital health platform; Niki, who uses artificial intelligence to make the ordering process simpler; Sponsifyme, integrated marketing platform geolocation, and Wedosky.
The company employs 15,700 people and earns $ 3.4 billion in revenues by 2016, which is a 5 percent decrease from 2015. Profits in 2015 totaled $ 408 million, but decreased to $ 95 million in 2016. Executives Pitney Bowes said the decline caused by "a shift to the new US corporate business platform - a change that plagues short-term business, but what they say will significantly improve the company's long-term operations." In March 2017, Pitney Bowes left the S & P 500, which has been listed since the stock market index was established in 1957, and merged with the S & P 400.
Acquisitions and divestments
In 1995, Pitney Bowes sold Dictaphone Corp., which produces a communications and dictation recording system, to affiliates of the investment group Stonington Partners Inc. for $ 450 million. Imagistics International swirled from Photocopier and Pitney Bowes fax business in 2001.
Since 2001, Pitney Bowes has spent $ 1 billion on acquisitions. In 2001, Bell & amp; Howell sells its international Mail and Messaging Technologies business to Pitney Bowes. Pitney Bowes also acquired Danka Services International (part of Danka Business Systems PLC) for $ 290 million in cash, and France's stamp meter company, Secap. In 2002, Pitney Bowes acquired a postal company based in Omaha, Nebraska based at PSI Group for $ 130 million, followed by Landover, Maryland-based DDD Company, which developed mail and messenger services, for $ 49.5 million on year 2003.
In 2004, Pitney Bowes acquired Lanham, a Group 1 Software company in Maryland, which developed shipping technology, for $ 380 million, and International Mail Express for $ 29 million. In February 2005, Pitney Bowes completed deals in Brazil and India, expanding into both markets for the first time. In Brazil, the company partners with Semco Participacoes to form Pitney Bowes Semco Equipamentos e Servicos, which offers mail equipment, production letters, and software services. Pitney Bowes acquired the mailing division of Kilburn Office Automation Limited, forming India-based Pitney Bowes based in New Delhi. Pitney Bowes acquired the Compulit Inc. litigation support service provider. one month later, creating the Pitney Bowes Legal Solution. Pitney Bowes purchased Imagitas marketing services in 2005 for $ 230 million in stock, which was sold to Red Ventures in 2015.
The company slashed Service Capital in 2005 into private equity group New York Cerberus Capital Management. Pitney Bowes acquired several companies in 2006, including Emtex and its $ 41 million output management software, and Providence, a Rhode Island-based company, Ibis Consulting, Inc., which provides electronic discovery services, nearly $ 67 million. The company also acquired Advertising Audit Service, PMH Caramanning, and Bellevue-based company, Washington, Print Inc., which provides print management solutions.
In 2007, Pitney Bowes acquired MapInfo Corporation and its location intelligence solutions. The company moved out of the MapInfo building in North Greenbush, New York's Rensselaer Technology Park, and to another office within the science park. Pitney Bowes also acquired Toronto-based customer relationship management company Digital Cement for nearly $ 40 million in cash.
The British software development company, Portrait Software, was bought by Pitney Bowes in 2010 for nearly $ 64.8 million in cash. Pitney Bowes sells its management services division to Apollo Global Management in 2013 for $ 400 million. In May 2015, Pitney Bowes acquired Borderfree online shopping service provider for approximately $ 395 million. The company also acquired cloud-based software developer Enroute Systems Corp. for an undisclosed amount followed by Zip Mail Services service provider.
In mid-2016, Pitney Bowes acquired Maponics, which provided "geospatial borders and contextual data", for an undisclosed amount. In February 2017, the company acquired Naperville, Illinois-based ProSORT solution company for an undisclosed amount. Pitney Bowes combines the Des Plaines operating center into a larger Naperville facility. The company acquired Newgistics, an Austin-based e-commerce and logistics company, for $ 475 million in September 2017.
Leadership
Marc Lautenbach has served as president and CEO of Pitney Bowes since December 2012. He has been credited with prioritizing innovation and moving the company into e-commerce and other technology services. In 2016, Stanley Sutula III was appointed executive vice president and chief financial officer; he succeeded Michael Monahan, who continued to serve as chief operating officer. Other key personnel include: Mark Shearer, who serves as executive vice president, as well as president of global SMB solutions; Lila Snyder, global e-commerce president; Bob Guidotti, president of software solutions; and Roger Pilc, who serves as chief innovation officer.
Former CEOs include Murray D. Martin, who served from 2007-2012, and Michael J. Critelli, who served as chairman and chief executive for ten years. Other previous CEOs include: George Harvey, Fred Allen, John Nicklis, Harry Nordberg, and Walter Wheeler.
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Products and services
Pitney Bowes introduced the Model M Meter Post, which was authorized by the United States Postal Service on September 1, 1920. The company released the first mass-market meter designed for desktops in 1949. The first automated mail sorter was launched by the company in 1957, and mail insertion created in 1961 to increase productivity and reduce costs associated with mailing volume. In 1968, Pitney Bowes created the first bar code equipment for retail use.
The company launched Postage by Phone in 1978, reducing dependence on post office visits. In 1986, the company began offering fax machines and scales with microprocessors. Pitney Bowes introduced Paragon, which counted and stamped by size and weight, in 1992. The credit line for postage was launched in 1996, followed by D3 software, which enables message management via email, fax, hard copy and the web, at 1998. In the 2000s, Pitney Bowes introduced the DM1000 Mailing System and IntelliLink technology, a new digital meter collection called DM Infinity Series, four AddressRight printers, and IntelliJet Printing System.
The company improved its Internet-based delivery service in 2011 by introducing the 'pbSmartPostage' mail tool, which "[integrates] stamps, packet routing, delivery management, and reporting into Web applications accessible from any PC with the printer." In 2015, Pitney Bowes launches the AcceleJet inkjet system, which targets transactional printers and is intended for high volume enterprise printing. In addition to filling envelopes, weighing documents and printing postage, the 2015 model of Relay Multi-Channel Communication Suite scans and uploads files and offers email marketing functions. Pitney Bowes launched its EngageOne Video software solution in September 2015, providing an interactive and personalized video delivery experience.
In January 2016, Pitney Bowes began using technology by Electric Imp to enable Internet connectivity for the postage meter. The software creates a maintenance program, explains and tracks problems with the machine, and increases data sharing. In March, Pitney Bowes introduced Single Customer View, which uses the company's Spectrum Technology Platform to facilitate data sharing. Customer relationship management aggregators are not specific to the medical industry, but mark a push into the health field. In April 2016, Pitney Bowes launched a "Commerce Cloud" system, which allows customers to calculate payments, print labels, and process international transactions, among other tasks, using enterprise applications.
In mid-2016, the company introduced its first channel program and partnered with information technology providers, including global system integrators Accenture and Capgemini, to help companies find and communicate with customers. The company released a digital device, called SmartLink, in July 2016; this product was developed in collaboration with Electric Imp and connects cost meters to Python Bowes cloud computing technology, and enables other maintenance and monitoring services as well. Pitney Bowes also released a series of digital services, including: Clarity Advisor, which collects machine data to "combat unplanned downtime"; Clarity Optimizer, which uses analytics to improve productivity; and Clarity Scheduler which, according to Computer Weekly , "automates precise job placement on the right machine at the right time".
In September 2016, the company partnered with Lighthouse Computer Services to create data solutions designed to help businesses identify and retain customers, increase marketing initiatives, and reduce fraud. Pitney Bowes released SendPro300 products in October, and announced the Commerce Complete for Retail platform to expand its global e-commerce business. One month later, the company released a location intelligence tool, called GeoVision, which uses data provided by PSMA Australia and allows the company to "visualize, analyze, and ultimately utilize the data to inform the decision". Pitney Bowes launches SendPro C Series in September 2017.
Ranking and acknowledgment
In 2012, Pitney Bowes ranked 1,630 overall in Forbes Global 2000, ranking 1,535 in sales, 957 in profit, and 1,884 in assets. In 2016, the company ranked number 478 on the Forbes list ' "Best American Entrepreneur". The magazine ranked Pitney Bowes number 394 in the 2017 "Best American Entrepreneurs" list. The company was ranked 634 at Fortune 500 in 2017, having previously ranked 636th.
In 2016, Pitney Bowes won the Best Business Transformation Solution award for its SmartLink product at IoT Solutions World Congress. In 2017, the company received the Technology Award of the Year Xplor International, which recognizes individuals, companies and organizations that have "developed and developed original concepts that lead to significant advances in the industry", for its Clarity product, which uses data analysis for improve productivity and reduce printing and shipping costs. Pitney Bowes ranked ninth on 2017's The Economic Times list of the best companies to work in India, jumping from number 29 on the same list in 2016.
References
Further reading
- Cahn, William (1961). Pitney-Bowes Story . New York: Harper & amp; Brothers.
External links
- Pitney Bowes Home Page
Source of the article : Wikipedia
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