printCafe Leads Off New Year with $40 Million Private Placement
Press release from the issuing company
PITTSBURGH, PA (January 3, 2002) -- printCafe, the operating system for print, today announced that existing investors have participated in a $39.6 million private placement of equity and debt. The net proceeds from this funding will be used by printCafe for working capital purposes and to repay existing debt, including the company's entire obligation to Constellation Software from its April 2000 acquisition of Logic Associates. Creo, a strategic partner of printCafe, is investing $23.6 million in the form of long-term debt.
"We believe that our investors' confidence in printCafe is a direct reflection of our people, our technology, and the viability of our market," said Marc Olin, president and chief executive officer of printCafe.
printCafe is a leading developer of supply chain management software for the printing and publishing industry. The company provides print management systems for over 8,000 publication, commercial, and on-demand printing facilities. printCafe also provides Web-based, enterprise-wide print procurement solutions for the Fortune 1000 including General Motors, AOL Time Warner, and Hewlett-Packard, among others.
"We are very pleased to be entering the new year with a strong balance sheet that allows us to power our own success from here," said Olin. "With significant obligations repaid, printCafe is operating from a position of financial strength. We've paved the way for increased growth and revenue in 2002 and well into the future."
Since its founding in January 2000, printCafe has raised over $160 million in equity and long-term debt from top-tier investors including Mellon Ventures (NYSE: MEL); HarbourVest Partners, LLC; J&W Seligman & Co.; Weiss Peck & Greer; Key Principal Partners; and BancBoston Capital, along with Creo, a printcafe strategic partner. printCafe has a number of strategic alliances including a subsidiary of A.T. Kearney, an EDS Company, and is also a certified trading partner in Ariba, Inc.'s Ariba Ready supplier network.
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