Innerworkings, Inc. Announces Definitive Agreement to Acquire Corporate Edge, Inc
Press release from the issuing company
Chicago, IL November 27, 2007 - InnerWorkings, Inc., a leading provider of managed print solutions to corporate clients in the United States, announced today that it has signed a definitive agreement to acquire New York City-based Corporate Edge, Inc., a major national distributor of promotional products. The acquisition has been approved by both companies' Board of Directors and is expected to close on November 30, 2007, following the satisfaction of customary closing conditions.
Ranked as an ASI Top 25 Distributor, Corporate Edge's client roster includes more than 20 Fortune 500 companies with global brand awareness programs that incorporate promotional products. In 2006, Corporate Edge generated revenue of approximately $59 million. It has more than 145 employees, including 27 sales representatives.
"Promotional products is currently a large and important category for InnerWorkings, and this acquisition will make us a more powerful buyer in the marketplace," said Eric D. Belcher, Chief Operating Officer at InnerWorkings. "Corporate Edge's impressive list of marquee accounts represents a significant opportunity for us to offer an integrated solution that incorporates both printed materials and promotional products."
"We have long-term client relationships in the promotional products industry," said Scott Levy, Corporate Edge CEO, who along with Corporate Edge President Stuart Weisenfeld will continue to manage the operations of the business. "Our partnership with InnerWorkings creates significant new opportunities for us to strengthen and deepen those relationships by fulfilling our clients' additional print needs."
Since going public in August 2006, InnerWorkings has been aggressively expanding its geographic presence, deepening its domain expertise and expanding its sales force to complement its extensive and diverse supplier network.
"Corporate Edge is an important strategic acquisition as it will help us to further penetrate the second largest print market in the United States and enhance our leadership role as a full-service provider," said Steven E. Zuccarini, Chief Executive Officer at InnerWorkings. "Together, InnerWorkings and Corporate Edge will more effectively offer the full spectrum of products and services that span the print solutions value chain."
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