Pitney Bowes acquires Ibis Consulting
Boston, April 24, 2006 – Mirus Capital Advisors, a middle-market investment bank, announced today that it has advised Ibis Consulting, Inc., on its acquisition by the Management Services subsidiary of Pitney Bowes Inc. (NYSE: PBI) for approximately $67 million. Ibis is a leading provider of electronic discovery (eDiscovery) services to law firms and corporate clients.
According to David Hoffer, a Mirus partner who managed the transaction, litigation support is a $3 billion market that is rapidly expanding, and eDiscovery is one of the fastest growing segments within litigation support. “As the “expert’s expert” in the market, Ibis was a very attractive acquisition candidate and garnered interest from multiple buyers”, said Hoffer. “On the heels of our sale in February of Daticon Inc., a leading provider of electronic discovery and document conversion services, to Xiotech Corporation, this transaction highlights the continuing attractiveness of the litigation support and information management market.”
“After screening more than 40 investment banks, I selected Mirus based on the quality, track record, and unequaled responsiveness of the bankers,” said Jay McNally, founder and CEO of Ibis Consulting. “Mirus consistently exceeded my expectations, managed the entire process professionally, and found the right buyer for my business. Without question, I’d hire them again if I had the chance.”
Ibis Consulting generated approximately $23 million in revenue in 2005 by providing eDiscovery services and solutions for independent resellers, law firms, corporations, and other partners involved in large-scale litigation, white-collar criminal defense, and mergers and acquisitions. Headquartered in Providence, Rhode Island, Ibis employs approximately 100 people.
About Ibis Consulting, Inc.
Ibis Consulting, Inc., an innovator and expert in electronic discovery and regulatory compliance since 1992, provides enterprise solutions for managing data, including retention, recovery, discovery, and information life cycle management in compliance with recent corporate governance regulations. Ibis regularly supports the largest and most complex compliance, regulation and litigation actions globally. More information regarding Ibis Consulting can be found at www.ibisconsulting.com.
About Pitney Bowes Inc.
Pitney Bowes provides the world’s most comprehensive suite of mailstream software, hardware, services and solutions to help companies manage their flow of mail, documents and packages to improve communication. Pitney Bowes, with $5.5 billion in annual revenue, takes an all-inclusive view of its customers’ operations, helping organizations of all sizes enjoy the competitive advantage that comes from an optimized mailstream. The company’s 85 years of technological leadership have produced many major mailstream innovations, and it is consistently on the Intellectual Property Owners Association’s list of top U.S. patent holders. With approximately 34,000 employees worldwide, Pitney Bowes serves more than 2 million businesses through direct and dealer operations. More information about the company can be found at www.pb.com.
About Mirus Capital Advisors
Mirus Capital Advisors provides investment banking solutions to corporate clients in technology, business services, manufacturing, consumer products, health care, and the resort & hospitality industry. Since 1987, Mirus has provided corporate finance advisory services on engagements including mergers, acquisitions, divestitures, recapitalizations, and valuations. For additional information, visit www.merger.com.Back to Transactions