Staples and Vancouver's PNI Digital Media, which offers digital media solutions for retailers, today announced that they have reached an agreement for Staples to acquire PNI for $1.70 per share, representing a net equity value of approximately $73.9 million.
The purchase share price represents a premium of 31.8% over the closing price of $1.29 of the PNI shares on May 2 on the Toronto Stock Exchange and a premium of 28.9% over the 30 day volume weighted average price of the PNI shares on the TSX for the period ended May 2.
Retailers rely on the PNI Digital Media software platform to sell personalized products including photo prints, photo books, calendars, business cards, and wedding invitations. More than 30,000 retail locations are connected to the PNI Digital Media Platform.
"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, Chief Executive Officer of PNI Digital Media. "With the support of Staples, we expect to significantly expand the services we offer for our retailers and partners."
"PNI's technology gives customers easy access to the best personalized products and related services." said Damien Leigh, Senior Vice President, 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."
PNI is expected to operate independently and provide improved service for both its customers and partners by leveraging the strength of Staples, one of the world's largest internet retailers. PNI expects to continue growing its customer base with Staples' support while maintaining the necessary resources to consistently meet its customers' needs.