March 25, 2004 -- Print, Inc., the premier provider of fully outsourced, cost-per-page (CPP) printing, copying, faxing, and imaging solutions, today announced that it secured $7.4 million in private equity investment and $4 million in venture debt financing. ABS Capital Partners, a leading private equity firm focused on investing in established and profitable growth companies, led the investment, with participation from Concert Capital Partners, who originated the investment.
The debt financing was provided by ORIX Venture Finance, LLC. The financing will be used for growth capital to fund expansion of the Company's sales and marketing efforts and enhance the Company's services organization. As a result of the financing, Ian MacLeod, General Partner at ABS Capital, and Peter Nanula, Managing Partner at Concert Capital, will join Print Inc.'s board of directors.
"Bringing on ABS, Concert and ORIX greatly enhances our ability to continue on an aggressive growth path, and validates our leadership position in an important, evolving market," said Gary Stevens, Chairman and CEO of Print, Inc. He added, "The unique model we've introduced for managing an organization's complete document infrastructure has resulted in an unprecedented opportunity to help customers of all sizes dramatically improve productivity, decrease costs, and collect, track, and manage volume and expense in a typically hidden and ignored cost category."
Output devices, such as printers, copiers and fax machines, are typically one of the most overlooked and under-managed asset categories in an enterprise. Companies spend thousands, if not millions, on networks, servers, and PCs to improve the way they store, access, and share digital information. However, even well-managed organizations generally have only a rough count of the number of output devices they have, and are often unaware of the total costs associated with the purchase/lease, support, and supplies required to maintain their document output assets.
Print, Inc.'s CPP-based utility model enables its customers to centralize all purchasing decisions for output equipment, service, and supplies, cut the costs of managing output devices, and gain efficiencies in their support, maintenance, and accounting. Though CPP-based pricing has existed in the centralized, high-volume copier market for several years, Print, Inc. was the first company to enable CPP-based management solutions for all output devices in highly distributed corporate environments.
"Print, Inc. had all of the things we look for in an investment -- strong management, a market-leading position and proprietary technology and processes addressing a very large market opportunity," said Ian MacLeod, General Partner at ABS. He added, "We recognized that Print, Inc. was bringing real efficiency and cost saving solutions to its customers through the application of its software tools and unique, consultative approach to the outsourcing of its customer's document output assets. We are very pleased to be involved with a high quality solutions provider like Print, Inc."
"We have spent a significant amount of time meeting with a variety of different document technology and services firms and Print's solution was unique because it simplified the output management process into a cost-per-page 'utility' solution," said Peter Nanula, Managing Partner at Concert Capital Partners. Peter added, "The overwhelmingly positive feedback we received from Print, Inc.'s existing customer base reinforced what we had learned about Print's solution through our investment process. Customers cited improved visibility, cost savings, and excellent customer service as key differentiators of Print, Inc.'s solution."
"We are willing to commit larger amounts of expansion capital under flexible terms to strong companies that have experienced management teams and are backed by top-tier investors, so Print, Inc. fits our criteria nicely," said Michael David, managing director at ORIX Venture Finance, LLC, a leading provider of expansion capital to mid- to late-stage venture-backed companies. "Print, Inc. is a leader in a projected $5 billion industry and has a firmly established customer base throughout the U.S."
Print, Inc. manages document output at over 3,000 unique customer sites, including small-sized to Fortune 500 organizations nationwide, and currently manages more than four billion pages for those customers. Print, Inc. also has significant channel partnerships with many leading office equipment manufacturers.
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