Lexington, KY – July 19, 2010 – Photizo Group, a leading advocate of managed print services research and consulting, has closed on a $1.23M in private equity funding from Meritus Ventures, a venture capital firm. The investment also includes an additional $500K credit line for a total funding of up to $1.73M. The funding will provide Photizo Group with capital to continue expansion, develop new products, and expand market efforts globally.
“I am very proud to have the backing of Meritus Ventures. They clearly understand our vision, strategy and mission, and this funding shows they are in our business plan and management team. Most importantly, it provides us with the capital to accelerate our growth by introducing more new products for our clients and expanding our staff around the globe,” said Ed Crowley, founder and CEO of Photizo Group.
Ray Moncrief, president of Eclipse Management, LLC and Fund Manager, Meritus Ventures, will join the Photizo Group Board of Directors. "From the beginning, my goal has been to attract the best and brightest talent to our company, and the same holds true for our investment partners. With Meritus, we have partnered with a Class A firm, and I am excited to have someone of Ray's caliber and experience join our board," Crowley noted.
"We look at many prospective investments before finding the one that we want to invest in," said Moncrief. “We were excited to find this outstanding company in rural, central Kentucky. Photizo Group is a cutting-edge leader in its industry, has an extraordinary management team, hard-working employees, and tremendous potential for additional growth and increasing profitability.”
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ABOUT PHOTIZO GROUP
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 to ongoing research 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.
ABOUT MERITUS VENTURES
Meritus Ventures, L.P. is currently the only Rural Business Investment Company (RBIC) in the United States. The $36.5M venture capital fund invests to realize attractive returns for the fund's investors while creating wealth and jobs in rural areas of central and southern Appalachia and Arkansas. In addition to providing equity investment, the fund may provide operational assistance to its portfolio companies. For information about Rural Business Investment Companies: www.sba.gov/aboutsba/sbaprograms/inv/inv_new_rural_business_program.html.
Last Updated on Saturday, 07 August 2010 11:26
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