United States
                      SECURITIES AND EXCHANGE COMMISSION
                          Washington, D.C. 20549-1004


                                 FORM 8 - K
                               CURRENT REPORT

    PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934




     Date of Report (Date of earliest event reported): August 1, 2002



                               PITNEY BOWES INC.



                        Commission File Number: 1-3579




       State of Incorporation                IRS Employer Identification No.
             Delaware                                     06-0495050





                                World Headquarters
                         Stamford, Connecticut 06926-0700
                         Telephone Number: (203) 356-5000




Item 5 - Other Events.

The registrant's press release dated August 1, 2002 regarding its completion of
the acquisition of PSI Group, Inc.



Item 7 - Financial Statements and Exhibits.

c. Exhibits.

The following exhibits are furnished in accordance with the provisions of Item
601 of Regulation S-K:

Exhibit                Description
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   (1)         Pitney Bowes Inc. press release dated August 1, 2002.







                                  Signatures



Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.



                              PITNEY BOWES INC.

August 2, 2002

                                                  /s/ B.P. Nolop
                                                  ---------------------------
                                                  B. P. Nolop
                                                  Executive Vice President and
                                                  Chief Financial Officer
                                                  (Principal Financial Officer)


                                                  /s/ A.F. Henock
                                                  ---------------------------
                                                  A. F. Henock
                                                  Vice President - Finance
                                                  (Principal Accounting Officer)



                                                                     EXHIBIT 1
                                                                     ---------
For Immediate Release
- ---------------------


Pitney Bowes Completes Acquisition of PSI GROUP
- -----------------------------------------------

STAMFORD, Conn., August 1, 2002 - Pitney Bowes Inc. (NYSE:PBI) today announced
the successful completion of its acquisition of PSI Group, Inc. (PSI), the
nation's largest mail presort company, for approximately $130 million. PSI
prepares, sorts and aggregates mail to earn postal discounts and expedite
delivery for its customers. As a wholly owned subsidiary of Pitney Bowes, PSI
will operate under its current management and continue to focus on providing
presort mail services.
         "We are pleased to complete the acquisition of PSI Group," said Michael
J. Critelli, Chairman and CEO of Pitney Bowes. "Their knowledge and expertise in
helping high-volume mailers reduce the costs and speed the delivery of mail
complements our existing services and will help us better serve our customers.
This transaction is another step in our strategy to profitably expand our
leadership in providing leading-edge, integrated mail and document solutions."
         PSI employs approximately 1,000 people in its 13 operating centers
across the U.S. and in its headquarters in Omaha, Nebraska. PSI's certified
operating centers have met the stringent requirements of the U.S. Postal
Service's Mail Preparation Total Quality Management Program, making PSI the
presort partner of choice for large first-class mailers and their service
providers. Presort operations and workshare partnerships benefit the mailing
industry by lowering postage costs, improving the speed and accuracy of service
and ultimately enhancing the overall value of mail.
         "This is a very positive move for PSI and our customers as we look to
further enhance the value we deliver in the presort mail marketplace," said
Robert F. Krohn, Chairman and CEO of PSI Group, Inc.
         Pitney Bowes is a $4.1 billion global provider of integrated mail and
document management solutions headquartered in Stamford, Connecticut. The
company serves over 2 million businesses of all sizes in more than 130 countries
through dealer and direct operations. For more information please visit
www.pb.com.
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