eCompanyStore Closes $5 Million Investment With ITC Holding Company
Monday, April 09, 2001
ATLANTA, April 3, 2001 - eCompanyStore, a leading provider of technology based promotional product solutions for mid to large organizations, announced today that it had closed a $5 million equity investment from ITC Holding Company of Valley Alabama. The investment brings total capital raised to $22 million for the company. In contrast to the well publicized "dot com shakeout", eCompanyStore experienced sales growth of approximately 400% in 2000, signing contracts with some of the world's leading brands including Microsoft, Home Box Office, and Monster.com. To support their phenomenal growth, the company now has a total of 105 employees and sales offices in Boston, San Francisco, and Seattle, in addition to their 38,000 square foot headquarters facility in the Atlanta area. "We're obviously thrilled to have a partner in ITC that has a long-term investment strategy and is willing to support our growth in this very difficult market," said Walt Geer, president and CEO of eCompanyStore. "We experienced a significant ramp-up last year in both sales and employees and now have the infrastructure in place to realize another year of triple digit growth," Geer added. Having opened its doors in the Fall of 1994 as a traditional distributor in the $15 billion promotional products industry, company founders Walt Geer and Jay Flowers shifted their business strategy in 1998 to aggressively implement enterprise-wide Internet technologies with the goal of offering larger users a more efficient and cost-effective means of procuring and managing their logo merchandise needs. Since April of 1999, eCompanyStore has implemented online solutions for over 50 enterprise customers including Randstad, The Southern Company, The Weather Channel, and Microsoft.