Cornerstone Ventures Leads Additional $4 Million Investment in httprint
Press release from the issuing company
Additional financing continues httprint’s momentum and expansion of print e-procurement and outsourcing services
SAN FRANCISCO, Sept. 9, 2002 – httprint, a technology and services provider focused on helping corporate customers better manage their print production and spending, today announced that it has secured an additional $4 million in financing from a group led by Cornerstone Ventures. The new capital, which is in addition to the $12 million investment announced by httprint in June, will be used to continue httprint’s expansion and fund technology and services enhancements.
"We are pleased to have received our second outside investment and endorsement in the last three months," said Mark Porter, President and CEO of httprint. "Cornerstone joins an exclusive group of investors and a growing list of customers who are helping us grow at a rate of more than 100 percent a year. We now have the financial, technical and human resources to meet growing customer demand and deliver even better service on a larger scale."
Cornerstone Ventures is a $100 million venture capital fund focused on information technology opportunities in various sectors, including enterprise software and applications. "We are extremely pleased to be investors in httprint," said Neville Vere Nicoll, Managing Director. "The company's management team, existing investors, global presence and blue-chip customer list provides for a solid foundation upon which to capitalize on a significant market opportunity. We look forward to working with the company to achieve continued growth."
Cornerstone Ventures was joined in this investment by Investcorp SA, a leading venture capital firm, Bertelsmann Capital Ventures, the exclusive corporate venture unit of Bertelsmann AG, and other previous investors.
Porter said these continuing investments in httprint reflect confidence in a successful business model that combines both services and technology in addressing the needs of today’s corporate print buyers. "In today’s economy, companies are under intense pressure to control costs," he explained. "At httprint, we are delivering tangible solutions that are realistic and easy to implement and which can deliver almost immediate hard-dollar savings which drop directly to the bottom line."
About Cornerstone Ventures
Cornerstone Ventures, with offices in Broomfield, Colorado and Mclean, Virginia, focuses on investments in information technology opportunities. The Partners of Cornerstone Ventures are also founders in Cornerstone Equities, LLC, and BV Group Ventures, LLC. Additional information on Cornerstone can be found at www.cornerstoneventures.com.
httprint is a technology and solutions provider focused on helping corporate customers better manage their print production and spending. The company’s e-Procurement software automates and streamlines the print procurement process for both print buyers and their suppliers. The Sourcing team analyzes a company’s overall print spend, identifies savings and typically saves clients between 10 and 40 percent. The Managed Services team provides outsourcing for corporate customers on a project, departmental or enterprise-wide basis. Current clients include DIRECTV, Williams Lea, Philips and SBC Communications.
Headquartered in San Francisco, httprint has a global reach with offices in Los Angeles, New York City, London, Amsterdam, Munich and Düsseldorf. For information about solutions and partnering opportunities, call 415.216.4200 in the U.S., +44(0)1908.661200 in Europe, or visit www.httprint.com.
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