Stamford, Conn.—Pitney Bowes announced it has agreed to acquire MapInfo Corp. for about $408 million in cash. The Troy, N.Y.-based location software company serves more than 7,000 clients from a number of industries. Pitney said the acquisition strengthens its position in the location intelligence market; MapInfo gains access to more than 2 million Pitney Bowes global customers. The transaction is expected to close in the second quarter. MapInfo will operate as a wholly owned subsidiary of Pitney Bowes.