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Creo Increases Investment In printCafe
BURNABY, CANADA—Creo Products has completed a $62.5 million investment in printCafe in a private placement. Creo invested $32 million in a combination of cash and stock. The net proceeds from this offering will be used to repay outstanding debt, for working capital and for general corporate purposes.
"This is a strategic investment for Creo. We believe that printCafe is the only integrated e-commerce and e-production solution in the printing industry that provides value to print buyers, printers and print industry suppliers," says Mark Dance, executive vice president, Creo Products, and president of CreoScitex. "printCafe's products are an important part of our digital solutions and we look forward to continuing to sell printCafe's services through our sales force."
Existing and new investors participated in the private placement. Two new investors include HarbourVest Partners of Boston and Weiss, Peck & Greer. Existing investor Mellon Ventures also participated in the private placement. Initially, CreoScitex had backed the formation of printCafe in February of 1999.
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