Staples To Acquire PNI Digital Media
Agreement Is For C$74 million ($67.5 Million)
Massachusetts-based Staples, Inc., the parent company of Counselor Top 40 distributor Staples Promotional Products (asi/120601), has reached an agreement to purchase PNI Digital Media for C$74 million ($67.5 million). Through its software platform, PNI Digital Media sells millions of personalized products, like photo books, calendars, business cards, and wedding invitations.
“PNI's technology gives customers easy access to the best personalized products and related services,” said Damien Leigh, senior vice president of Staples Business Services. “As a part of Staples, we expect PNI to continue to innovate on an open platform and share their innovations with both their current customers and with Staples’ Business Services division.”
Through the deal, Vancouver-based PNI expects to extend and improve its services, which are used by retailers like CVS, Walmart and Office Depot. “For years, our retailer partners have used our online, in-store kiosk software and mobile apps to successfully drive millions of orders and in-store visits,” said Kyle Hall, CEO of PNI Digital Media.
“With the support of Staples, we expect to significantly expand the services we offer for our retailers and partners.”
Following the closure of the deal, PNI is expected to continue to operate independently. The transaction still must be approved by PNI shareholders and the Supreme Court of British Columbia.