- January 04, 2002, PRESS RELEASE
VANCOUVER, BC, CANADA—Creo Products Inc. reports it has invested $23.6 million (US) in printCafe, Inc., as part of a $39.6 million private placement of equity and debt. printCafe, a provider of print-management software for both printers and buyers, received other financing from Mellon Venture, Inc.; HarbourVest Partners, LLC; J & W Seligman; and Weiss, Peck & Greer LLC.
"The Creo vision for networked graphic production leads the graphic arts industry into a fully digitized world, from the ideas generated on the creative desktop to the delivery of the finished products," explains Amos Michelson, Creo's CEO. "We are developing products and integrated solutions for this market to provide greater value and efficiency throughout the entire production process. PrintCafe is an integral part of that solution. By integrating Creo's content production workflows with printCafe's print-management systems, our customers will be able to take advantage of a web-enabled, fully integrated production environment."
According to Creo's recent release about the investment, Creo's voting interest in printCafe will increase to approximately 40 percent (from 17.24 percent). Creo representation on the printCafe board of directors will increase to two seats (from one) as a result of this investment.
"We believe that Creo's confidence in printCafe is a direct reflection of our people, our technology, and the viability of our market," says Marc Olin, president and CEO of printCafe. "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. 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, Olin adds.