Yesterday, Stamford, Connecticut-HQ’d Pitney Bowes announced the successful completion of its acquisition of Toronto’s Digital Cement for approximately $40 million. The deal actually began last October, when PB paid $12 million to assume a minority ownership position and a strategic partnership to market its services. Digital Cement will now become part of PB’s marketing services business.

Digital Cement provides Fortune 500 clients in consumer packaged goods, telecom, financial services, retail and health care industries – such as Kraft, FedEx and John Hancock – with a suite of consultative offerings. Its founder and CEO, David Ceolin, said of the deal: ‘Executive decision-makers clearly need and want the capability to transform their existing customer experiences to drive growth, while also delivering cost-efficiencies across the entire mailstream. Together we can drive both growth and cost efficiency as a result of Pitney Bowes’ ability to transform the mailstream, and Digital Cement’s use of the mailstream to transform the customer experience.’