ImageX.com Closes on Acquisition of Creativepro.com
Press release from the issuing company
BELLEVUE, Wash. – June 22, 2000 – ImageX.com, Inc. (NASDAQ: IMGX), the leading business-to-business Internet market maker for printed business materials, today closed on the acquisition of Creativepro.com, Inc., a vertical portal and industry-leading supplier of e-services and Extensis™ branded software tools for creative professionals. This closing establishes ImageX.com as the only online provider of design-to-print technology for corporate printing customers worldwide.
Capitalizing on its first-to-market mover advantage, ImageX.com is executing an acquisition strategy designed to add corporate customers and increase efficiencies and savings to customers through cutting-edge technology.
“This acquisition is another step solidifying ImageX.com’s expansion of the print production workflow to the design community, linking the various workflow components that begin with the designer and end with the delivery of a document to the end-user,” said Charlie Corr, director for CAP Ventures, Inc. “ImageX.com is well-positioned as a industry leader in the business-to-business design and print e-commerce industry.”
“With Creativepro.com, we are now the only Internet technology company who has the ability to capture and engage the graphic arts community, who are responsible for 8 out of 10 printing decisions, and catapult them from the desktop design to the Web printed page,” said Rich Begert, president and chief executive officer of ImageX.com. “This acquisition also adds significant blue-chip corporate customer accounts which will further enhance the company’s already growing revenue stream.”
ImageX.com acquired Creativepro.com, Inc. for a total of $40.5 million, consisting of approximately 4.3 million common shares of ImageX.com and $11.5 million in cash. Creativepro.com is now a wholly-owned subsidiary of ImageX.com, continuing to operate from Portland, Ore. under the direction of Creativepro.com founder, president and chief executive officer, Craig Barnes. This acquisition will add highly skilled employees, including 47 developers and 42 marketing and sales professionals to ImageX.com’s family of companies.