On April 8, 2014, Pitney Bowes Inc. (PBI) declared at the National Association of Software and Services Companies (:NASSCOM) conference that its Accelerator program will be incubating several software start-up companies in India. The news raised investors’ confidence and its share increased by more than 1% on April 9.
The initiative is a part of NASSCOM’s 10,000 Start-ups program started in March 2013 to promote innovation and entrepreneurship in India. Pitney Bowes will participate in the program May 2014 onwards. The company will be providing assistance to start-ups for enhancing the software development in diverse domains including mobile applications, data analytics, location-based services and e-commerce.
The start-ups that will be selected for the program will be eligible to access critical resources from Pitney Bowes, including its software, application programming interfaces (APIs) and the vital data. Apart from these, the participants will also receive training along with technical and business guidance. The mentors will be technical experts from the company and some external experts in the software domain. Moreover, this program will provide a platform to participants to connect with potential sponsors.
The initiative will broaden the company’s presence in India, while strengthening its business in the long run.
On Apr 9, the company also revealed the success of its IntelliJet 20 Printing and the Print+ Messenger systems that enhanced New Zealand Post’s mails and communications with its consumers.
At present, Pitney Bowes has a Zack Rank #3 (Hold). Some other stocks worth considering in the sector include Ricoh Company, Ltd. (RICOY), Adobe Systems Inc. (ADBE) and Hewlett-Packard Co. (HPQ). All three stocks carry a Zacks Rank #2 (Buy).