The Shamrock Companies Acquires the Assets of Troubled Versient
Press release from the issuing company
November 4, 2002 -- (WhatTheyThink.com) -- The Shamrock Companies, a Cleveland-based firm has picked up the assets from Versient, an Internet printing company. Versient provided web-based solutions to companies which simplified the ordering, management and distribution of materials to an organization’s employees and customers.
Shamrock bought Versient's assets and plans to use part of the acquired company's sales force to move into the Greater Baltimore market. Shamrock has been on an aggressive growth strategy as detailed in a March 2002 profile article in Print Solutions magazine. The magazine reported that Shamrock has annual revenue of $43 Million and 103 employees.
Bob Troop, CEO of The Shamrock Companies told the Baltimore Business Journal that his company wanted to establish a footprint in the Maryland area. The Journal said that Shamrock acquired the assets from Comerica. Officials with Comerica declined to disclose why the bank was in control of Versient's assets. Shamrock bought Versient's existing customers, inventory and technology.
Versient was founded in 1995 by Ken Wahler. Customers included Johnson & Johnson, Southwest Airlines and the American Cancer Society.
The company raised $6.5 million in venture capital in January 2000.
In April 2001, Versient’s CEO Steve Morris predicted profitability for the company in an interview with WhatTheyThink.com. “We anticipate a profit by the fourth quarter of this year.” When asked about funding, the CEO said, “We’ve compiled small rounds of venture funding, and are about to close on the fourth round. This will take us through breakeven - all with the same venture group who support our business and indicated that they will support future acquisitions.”
In February 2002, Versient acquired B2E Resource, a division of Uniform Information Services. The acquisition gave Versient a national presence in the outsourcing community. The B2E acquisition doubled its revenues and staff.
Versient had sales offices in California, Texas, Missouri and Maryland and targeted industry segments like hospitality/tourism, pharmaceutical/medical, and high tech companies.
Launched in 1982, The Shamrock Companies offers creative design, packaging, printing and website development.
This is part of the message posted on Versient’s web site:
“As of October 18, 2002 The Shamrock Companies Inc., an Ohio Corporation, has purchased Versient, Inc. Effective immediately, all invoices will be prepared in the name of “The Shamrock Acquisition Company.”
“We are committed to making this transition transparent to you. All personnel will remain in place. All systems will remain intact. The noticeable difference will be that your sales consultants and customer service representatives will be prepared to provide you with some new and exciting products and services. Please direct any questions to your sales consultant.”
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