X-Rite Buys ICC Tools, a division of Print West
Friday, June 10, 2005
GRANDVILLE, Mich.--June 9, 2005-- X-Rite today announced that it has acquired key software technology assets from two companies -- ForeSite Software, LLC in East Hartford, CT, and ICC Tools, a division of Print West, in Saskatchewan Canada. Both technology acquisitions are part of X-Rite's ongoing strategy to acquire technology and other assets that strengthen the Company's core color business. X-Rite acquired ForeSite's visualization software after a recent business partnership with the company. ForeSite's technology is currently integrated in Home Visualizer, part of X-Rite's award winning ColorDesigner software application. Home Visualizer enables customers to visualize and select colors for their home. This technology will be developed further and customized for key OEM relationships and future product offerings. The ICC Tools acquisition included software code and key personnel. This technology engine is utilized in X-Rite's MonacoQCcolor and Colorshop X color management software products. X-Rite plans to further develop this asset for future color management software solutions. "Both acquisitions reflect our aggressive M&A strategy to find complementary technology that adds significant value to our current and future color business innovation, "said James Weaver, X-Rite's Vice President of Marketing and Product Development. "Additionally, these acquisitions are critical to driving customer relationships, especially our OEM partners." Both technology acquisitions were funded with cash and closed within the past 60 days. The cumulative purchase price of both acquisitions was less than $500,000.