printChannel.com Buys MediaFlex Assets, Secures New Funding
Press release from the issuing company
SAN FRANCISCO, CA, June 18, 2001-printChannel.com, the world's leading vendor of Web-based print procurement solutions, today announced that it has reached an agreement to buy key technology assets from MediaFlex, which ceased operations in February of 2001. In conjunction with this asset purchase, the company also announced a new round of funding from Warburg, Pincus Equity Partners, L.P.
"Before MediaFlex ceased operations, it had been developing leading-edge print procurement technology that is highly complementary to the proven printChannel solution. By merging the two technologies, printChannel.com will solidify its position as the print procurement platform of choice for print suppliers worldwide," states Oliver Pflug, CEO of printChannel.com. "We are particularly pleased that, as part of this purchase, Warburg, Pincus Equity Partners, L.P. has increased its financial commitment to making printChannel.com a long term industry partner."
The technology purchased by printChannel.com will enable the creation of a supplier controlled network of print producers whose products form a single catalog accessible by corporate users. "Print suppliers will have the capability to address most procurement needs of their corporate customers through a single point of access. The ability to tie together multiple production locations, or supplier networks will be of particular interest to large printers, distributors, brokers and Facilities Management companies," said Pflug.
As part of this purchase, printChannel.com has hired key members of the MediaFlex technical team.
The company announced that it plans to showcase the power of the combined technologies as early as Print 01 in September of 2001.
printChannel is the leading Web-based print procurement solution for manufacturers, distributors, and brokers of commercial print. printChannel is licensed to print suppliers and enables them to offer their customers corporate-wide ordering, tracking and output of variable data and inventory print items by end users from catalogs that are set up, controlled and maintained through existing prepress or production staff. Through its unique Configurator technology print suppliers have set up catalogs for over 500 corporations on printChannel worldwide, and have processed over 250,000 print orders since April of 1998. printChannel has a policy of not selling to print buying organizations. The company is headquartered in San Francisco, California, with offices throughout the US and Europe.
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