Neopost is the number one franking machine company in Europe. (Franking machines are used by businesses to automatically print postage stamps on mail.) It operates in a global duopoly; Neopost’s 25% market share is second only to Pitney Bowes’ 60% market share, leaving less than 15% of the market for their remaining sub-scale competitors. The barriers to new entrants are high because franking machines require certification from national post offices, and postal authorities will only grant certification to companies that have a national sales and service force.