Pitney Bowes Reports Slightly Lower 2010 Revenue but Remains Positive on Future
During the quarter, the Software business experienced continued demand for its analytics and CRM software solutions in the United States. The company’s continued transition to annuity-based pricing for selected software solutions resulted in selling a majority of its larger software solutions as multi-year arrangements, which will benefit recurring revenue in future periods. If these deals had been sold as one-time licenses, revenue would have grown at a double-digit pace. Revenue for the quarter, as compared to the prior year, benefited from the company’s recent acquisition of Portrait Software, plc, which further enhances the company’s analytics and customer communications management capabilities. Software EBIT grew at a double-digit rate and the margin improved versus the prior year primarily due to margin leverage on revenue growth and ongoing productivity gains.
Management Services
- Companies:
- Pitney Bowes
- Places:
- Stamford, Conn.
- United States