Global Document Solutions' Management Partners with FTVentures in an Equity Financing
Press release from the issuing company
NEW YORK--Dec. 13, 2004-- Global Document Solutions (GDS), a provider of technology-enabled document outsourcing services, announced today that it has partnered with an investment group, led by FTVentures, in an equity financing of the company in connection with the retirement of Richard Manfredi. Mark Goodstadt will remain Chairman and Chief Executive Officer, a position he previously shared with Manfredi. The new partnership will position the company to expand its service offering to its blue chip clients in financial services, consumer services and telecommunications, and to more deeply develop new vertical market segments. FTVentures is a private equity firm providing growth capital to business services and software companies, with offices in New York and San Francisco. National City Equity Partners, an FTVentures Limited Partner and subsidiary of National City Corporation, one of the nation's largest financial holding companies, also participated in the financing. Terms of the transaction were not disclosed.
GDS has been in operation since 1906, previously as American Direct Mail; its customers include Fortune 500 companies across the country. The company currently offers a wide range of services including financial printing and global distribution, electronic document delivery, variable digital printing and print on demand services, and traditional graphic and commercial print services.
"Our partnership with FTVentures will help us to broaden our institutional client base in statement printing and information processing, where we offer industry-leading outsourcing solutions. It will also expand our innovative variable digital color print offerings to our existing and new customers, who are just discovering the powerful applications of this technology," said Mark Goodstadt, CEO of GDS. "FTVentures will further solidify our position as a preferred provider of print facilities management and statement design, production and distribution across our target industries."
"GDS has a strong history of successfully deploying leading technology combined with innovative process re-engineering to deliver high quality, low cost print outsourcing and print marketing solutions to highly demanding customers," said Brad Bernstein, Partner at FTVentures and new Board member of GDS. "GDS is solidly positioned to capitalize on the rapidly expanding document outsourcing market due to its innovative, robust platform and its comprehensive service offering. Mark Goodstadt and his management team bring a unique consultative approach to delivering best-in-class client solutions that evolved from the company's roots in graphic design and focus on customer service. We are confident Mark will successfully lead this next phase of expansion for GDS," said Bernstein.
Mohit Daswani, Principal at FTVentures, and Garen Staglin, a co-investor in this transaction and an advisor to FTVentures, will also be joining GDS' Board of Directors.
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