Meritus Ventures announces investment in the Photizo Group
Tuesday July 27, 2010
Meritus Ventures announces investment in Photizo Group, Inc. (Photizo) of Versailles, Kentucky. Photizo, founded in 2004, is a consulting and research firm that provides market information and services to vendors, dealers, and end user communities in the managed print services market. Managed print services (MPS) is at the intersection of business services and technology, focusing on providing a total printing solution that enables organizations and companies to better manage their print environment through the outsourcing of hardcopy devices, software, supplies, and services. Each year, hundreds of players in the managed print services market attend Photizo's international conferences and purchase Photizo's cutting edge market research and intelligence reports. Examples of industry players include Hewlett-Packard, Xerox, Cannon, and Ricoh.
Meritus Ventures was the sole investor in the transaction, and Ray Moncrief of Meritus has taken a position on Photizo's board of directors. Photizo has demonstrated an annual revenue growth rate greater than 50% since 2006 and doubled revenue from 2008 to 2009. In addition, the company had positive earnings in 2009 and is on track for increased revenue growth and profitability in 2010.
"We've looked at a number of prospective investments," said Ray Moncrief, co-manager of Meritus Ventures, "and we are excited about investing in Photizo, an exceptional company in rural Kentucky. Photizo has a track record of growth and success, and a team of motivated and experienced individuals. There is great potential for additional growth and increased profitability."
"We want to add several companies to our portfolio in 2010," added Meritus co-manager Grady Vanderhoofven. "Photizo is a fantastic addition, and we are seeking more investment opportunities in expansion-stage companies in southern and central Appalachia and Arkansas. Our investments drive innovation, job creation, and wealth creation in a region of the country that has traditionally seen limited venture capital activity."
"We look forward to the future," said Ed Crowley, CEO of Photizo Group. "I believe the solid foundation we've built at Photizo and our new relationship with Meritus sets the stage for our future success. We look forward to continuing to serve the managed print services industry and building even stronger relationships with our customers."
The MPS industry has experienced double digit growth for the past five years and is projected to continue growing at a double digit rate for the next several years. Interest in managed print services is increasing due to the necessity of cost-savings, increasing printing complexity, and changing customer needs. While the trend toward managed print services is strong in North America, international markets also are evolving to a managed print services model, providing additional room for industry growth.
About the Photizo Group
The Photizo Group is the market's main source for ongoing business intelligence about the rapidly growing opportunity of Managed Print Services. Since its landmark MPS study released in April 2008 covering North America, Europe, and Asia, Photizo has emerged as a leader in dynamic business intelligence about the MPS market. Vendors, dealers and enterprises can find MPS information and resources at http://www.mpsinsights.com
"Photizo" is a trademark of the Photizo Group. All other trademarks are the property of their respective owners.