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January 18, 2011 Everett, Washington

For information:

Dominique King

Waggener Edstrom Worldwide
Phone +44 (0) 207 632 3800

Intermec, Inc. (NYSE: IN) today announced the Company has entered into a definitive agreement under which Intermec will acquire Vocollect, Inc., the industry-leading provider of voice-centric solutions for mobile workers worldwide. Vocollect is privately held by Riverside Partners, a Boston-based private equity firm and private investors. Both companies’ Boards of Directors have unanimously approved the $190 million all-cash offer.

With over 1,500 customers and 300,000 users globally, Vocollect will broaden Intermec’s applications and solution offerings in the warehouse workflow and help to establish a leading position in software-oriented solutions. The acquisition will also extend Vocollect’s voice solutions into the rapidly growing markets served by Intermec and its channel partners.

“This acquisition is a major step for Intermec in building a software-centric solutions business in the warehouse, the largest AIDC deployment environment,” said Patrick Byrne, Intermec’s president and chief executive officer. “For many years, Vocollect has built the premier set of voice-centric warehouse solutions and has achieved a strong global market leading position. The adoption of voice in the warehouse is developing rapidly and we expect this technology to provide significant long-term growth opportunities for Intermec. When combined with Intermec’s industry leading products and customer relationships, the acquisition will establish Intermec as a clear market leader in warehouse solutions and give us the talent and technology base for creating unique new market focused solutions in the AIDC industry.”

“We are excited about the combination with Intermec”, said Joe Pajer, Vocollect’s president and chief executive officer, “Working together, we believe we can accelerate the adoption of voice 2

centric solutions on a global basis and create new innovative warehouse solutions capabilities for our customers and partners.” Upon completion of the transaction, Joe Pajer will lead the Intermec Voice Solutions business and report to Patrick Byrne, Intermec’s president and chief executive officer.


Intermec expects that its combination with Vocollect will accelerate the Company’s revenue growth above current market growth rate projections. Based on Vocollect’s unaudited financial statements for fiscal 2010:

  • We expect Vocollect’s 2010 revenues will approximate $120 million.
  • The Vocollect business is expected to deliver double digit future revenue growth.
  • In fiscal year 2011, upon completion, the transaction is expected to generate annual revenue synergies of approximately $10 million and is expected to be accretive to Intermec’s earnings per share.


Under the agreement, Vocollect will be merged with a wholly-owned subsidiary of Intermec. Vocollect stockholders will receive an aggregate cash purchase price of $190 million, subject to adjustment following closing. Completion of the transaction, which is expected to close in the first quarter of calendar year 2011, is subject to expiration or termination of the applicable Hart-Scott-Rodino waiting periods, and other regulatory and customary conditions as provided in the merger agreement.

Goldman Sachs acted as exclusive financial advisor to Intermec, Inc., in connection with this transaction.


Revenue for Intermec’s fourth quarter of 2010 is expected to be in the range of $196 million to $199 million, compared to our previously stated guidance of $180 million to $190 million. Diluted earnings per share is expected to be in the range of $0.10 to $0.12 per diluted share, compared to our previously stated guidance range of $0.04 to $0.09 per diluted share.


Intermec will release its fourth quarter fiscal year 2010 financial results and hold a conference call on February 3, 2011 to review company performance and provide guidance for the first quarter of 2011.


There will be a conference call today, January 18, 2011 to discuss the Vocollect acquisition at 8:30 a.m. ET (5:30 a.m. PT). The dial-in number for participants is 1-(877)-918-2511 (US) and 1-312-470-0117 (International); Passcode: (“Intermec”). The call will be broadcast on the Internet via a link from the investor’s Web page at 3

About Vocollect

Vocollect, Inc. is the leader in creating and providing voice-centric solutions for mobile workers in distribution and warehouse environments worldwide. The speech recognition software and extreme recognition accuracy of in-vocabulary speech helps customers achieve a higher level of business performance through voice. Every day over 300,000 workers worldwide use Vocollect’s comprehensive voice solutions to distribute more than $3 billion in goods from distribution centers and warehouses to customer locations. A global team of over 2,000 supply chain reseller and channel partner experts supports Vocollect Voice offerings. Vocollect VoiceWorld Suite integrates with all major WMS and ERP systems, including solutions from SAP AG, and supports the industry’s leading mobile computing devices. For more information, visit

Vocollect®, Vocollect Voice® and Vocollect VoiceWorld Suite™ are trademarks of Vocollect, Inc. All rights reserved.

About Intermec
Intermec Inc. (NYSE:IN) develops and integrates products, services and technologies that identify, track and manage supply chain assets and information. Core technologies include rugged mobile computing and data collection systems, bar code printers, label media, and RFID. The company's products and services are used by customers in many industries worldwide to improve the productivity, quality and responsiveness of business operations. For more information about Intermec, visit or call 800-347-2636.

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