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Pitney Bowes buys assets of Ancora Capital & Management Group

Published on .

Stamford, Conn.—Pitney Bowes announced Monday it has signed a definitive agreement to acquire "a substantial" portion of the assets of Ancora Capital & Management Group, a mail processing and presort service provider, for about $35 million in cash and assumed liabilities.

Ancora will become part of Pitney’s PSI operation. PSI is a presort company that Pitney acquired in 2002.

"This acquisition helps us to continue to increase the volume of mail we touch, grow the value we add to each mail piece, provide more mail services and expand our presence in the mail stream," said Michael J. Critelli, chairman-CEO of Pitney Bowes.

—Carol Krol

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