FirePower in the News: ECi Software Solutions Acquires PrintFleet Inc.
Our client PrintFleet Inc., a developer of imaging device fleet management software, sold to ECi Software Solutions, a provider of industry-specific IT software solutions. Recurring revenue software businesses are perceived very favourably in the current deal environment, and PrintFleet was no exception: we attracted interest from buyers in the USA, Europe and in particular Japan, but ECi eventually won out.
Here is the press release from ECi, which can be found here.
ECi continues investment into the field service industry and expands global footprint in the print and service management market
“Joining the ECi family of companies aligns with PrintFleet’s strategic initiatives, one of which is to achieve greater scale, affording us still more opportunities for growth,” said McFarlane. “As a recognized leader within the data collection and data utilization space, PrintFleet, with ECi’s support, now has greater capacity to assist our clients in bringing innovative solutions to the print industry.”
“ECi is committed to continuing to invest in the field service industry,” said Ron Books, CEO of ECi. “It is a quickly evolving industry and our goal is to provide the best technology available to help our customers stay competitive and profitable. Print and service management plays an integral role in this industry, and this acquisition gives us an expanded global footprint in print and service management. PrintFleet has a fantastic product portfolio and a dedicated team; we could not be prouder to have them join us in helping businesses achieve greater efficiency and expand their services.”
With the addition of PrintFleet, ECi serves more than 2,200 customers in field service and manages almost 10 million devices worldwide. To learn more about its products for service-centric businesses, please visit the website.
FirePower Capital served as the exclusive M&A advisor to PrintFleet regarding the transaction. Wildeboer Dellelce LLP served as legal counsel to PrintFleet with a team consisting of Rory Cattanach and Ragu Anantharajah. Bennett Jones LLP acted as legal counsel to ECi with a team comprised of Peter Westcott and Christopher Travascio (Corporate) and Philip Ward (Tax).
ECi Software Solutions provides industry-specific business management software and services, focusing on cloud-based technologies. For 30+ years, ECi has served small to medium-sized manufacturing, wholesale/retail distribution, building and construction, and field service organizations. Privately held, ECi headquarters in Fort Worth, Texas, USA, with offices throughout the U.S., Canada, England, the Netherlands, and Australia. For information, email email@example.com, visit www.ECiSolutions.com or call (800) 959-3367.
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CSR Cosmetic Solutions
The owner of CSR had taken over the business out of bankruptcy. After successfully building it into one of the largest cosmetic contract manufacturers in North America, he was ready for a well-deserved retirement. A previous sale attempt (by a top-tier accounting firm) was unsuccessful in 2015.