TripleArc Plc Acquires ControlP
Tuesday, October 01, 2002
October 1, 2002 -- TripleArc Plc, has acquired the business and assets (including certain intellectual property rights) of ControlP, the software and technology division of Documedia Solutions Plc. The acquisition, which will see the integration of ControlP’s edit2print, iPMS (internet print management system) and ePrint technologies into TripleArc’s technology division, will further strengthen its position as a leading provider of e-commerce procurement solutions for the printing sector. Commenting on the acquisition, Conor O’Brien, Chief Executive Officer of TripleArc Plc said, "The natural synergy of technologies and solutions is a perfect fit for TripleArc. ControlP’s technologies are highly complementary to TripleArc’s existing portfolio of print procurement solutions, including its Print Catalogue and CWS (Collaborative Workflow System). We are confident that this strategic acquisition will further strengthen TripleArc’s leading edge in the market-place." ControlP will be integrated into TripleArc’s technology division to bring together the industry’s leading procurement technology under one roof. As well as benefiting from broader technology solutions, which the enlarged Group can offer to an expanded customer base, the integration of the two teams will enhance the overall skill set to address customer requirements. edit2print is an advanced print ordering system allowing users to edit, proof and order marketing collateral online. The system allows users without design experience to upload files and vary graphics and text at will themselves. iPMS is a workflow management tool for ordering print that allows print buyers and print managers to increase the efficiency in their ordering process. In addition, ControlP also markets ePrint, a solution aimed at small printers. ePrint is an ‘off the shelf’ solution that allows the printer to set up a customised e-commerce site for their customers immediately, without the need for development expertise. Jason Cromack, Chief Operations Officer at TripleArc added, "The addition of ControlP’s technology and staff ensures that the enlarged Group has the best solutions in the market place, with the best team supporting them. TripleArc will continue to support ControlP’s existing customers and the adoption of their existing infrastructure will ensure that there will be no disruption to existing customer services during the transition period. We are extremely pleased to have Daniel Emerson, who has been running ControlP, working with us to make the integration run smoothly." Warren Taylor, Executive Chairman of ControlP said, ''We are impressed with TripleArc’s intention to invest and broaden their software offering to the Print Industry and we believe this consolidation will benefit both parties and our customers. Documedia Solutions Plc will act as a reseller of TripleArc's solutions which include ControlP's 'Edit2Print and Print Management' software.'' Concluded Jason Cromack, "The Industry is now well aware of the power of the Internet and there is an increasing acceptance of the benefits that it brings to the print process. Whilst the general economic climate in recent months has resulted in a slower adoption of e-commerce solutions than previously expected, the Board believes that the printing industry will increasingly embrace those technologies. The benefits we are delivering will ultimately mean that there will be winners in this sector, and TripleArc intends to be leading them." Financial details: The initial consideration for the acquisition was £145,000, satisfied by £100,000 in cash and the issue of £45,000 of Ordinary Shares. A minimum further £105,000 in deferred cash consideration is payable over 3 years. This deferred consideration amounts to a minimum of £35,000 per year for 3 years which may be increased to a maximum of £55,000 per year based on sales of the ControlP products.