Staples Inc. completes $74-million acquisition of Vancouver's PNI Digital

There’s one less tech company on the West Coast calling Vancouver its home base.

Staples office supply store

There’s one less tech company on the West Coast calling Vancouver its home base.

Staples Inc. (Nasdaq:SPLS) announced July 14 it has completed its $74-million acquisition of PNI Digital (TSX:PN).

The Vancouver-founded company creates software for mobile kiosks and apps that can be used for personalized products like photo albums, business cards, stationery and invitations.

The deal was originally announced May 5, just 10 days before PNI reported a 26% increase in second-quarter revenues, rising from $4 million in 2013 to $5.2 million in 2014.

PNI CEO Kyle Hall told Business In Vancouver in May the company would serve as a subsidiary to Staples once the acquisition was complete.

PNI's chief financial officer Cam Lawrence said Staples would retain the West Coast management team — a plan a Staples spokesman confirmed was still the case as of July 14 — and expand operations in Vancouver.

PNI employs 165 people throughout the globe, while about 150 are in the Vancouver office.

Lawrence said in May PNI had hired 15 people in 2014 and planned to hire at least 15 more by the year’s end.

PNI’s shares are expected to be de-listed from the Toronto Stock Exchange by July 16.

torton@biv.com

@reporton