httprint to Acquire Application Service Provider, Cirqit
Press release from the issuing company
6/28/01 (WhatTheyThink.com) httprint will announce a purchase of Cirqit within the coming days according to sources familiar with the negotiations. Cirqit is located in Whippany, New Jersey and is an ASP business providing systems to Fortune 2000 companies around brand management and print solutions.
The deal will be finalized this week and should give httprint another way to expand their model targeting ad agencies and top corporations with their end to end print management offering. One source said the purchase was not a fire sale of Cirqit assets, but a true value added acquisition with little overlap.
httprint provides eCommerce solutions that automate and streamline the print procurement and management process for print buyers and suppliers. The company has a Professional Services team that analyzes a company's overall print spending and recommends process improvements. httprint’s CEO, Mark Porter, told us in an interview recently that their customers are saving a minimum of 20 percent in costs.
httprint has been on the move of late, acquiring key accounts and announcing profitability this year. Porter told us in March, "We have expanded substantially out of Los Angeles adding 10 new people. These people were recruited out of a top promo agency in Los Angeles and brought with them several marquee accounts including Pepsi, Zenith, Bank of America, Directv, Starz/Encore, Tracy Locke, Mandalay Entertainment and others."
In a press release earlier this year, httprint said they already generated year-to-date 2001 revenues of $33 million in just two months. The revenues represent billed and contracted professional print services and branded e-commerce site subscription sales to enterprise clients. 2000 sales were below $5 million. Porter told us in an April interview that httprint would be profitable by the end of the third quarter.
Cirqit has reportedly raised $28 million as of January of this year. The company has announced deals with IBM, Hewitt and Ariba.
Company executives at both firms declined to comment for this story. More details coming soon.
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