InnerWorkings Acquires CPRO to Expand Presence in Latin America
CHICAGO—Feb. 4, 2011—InnerWorkings Inc., a leading global provider of managed print and promotional services, today announced that it has acquired print management firm CPRO Services. CPRO’s customer base generated over $22 million in revenue in 2009. With headquarters in Santiago, Chile, CPRO is the primary provider of business process outsourcing solutions for the print category in Latin America.
CPRO is currently transacting business in 12 countries in Central and South America. The business employs over 50 individuals throughout its operations.
“CPRO has an excellent reputation in the marketplace for driving cost savings throughout the print supply chain,” noted Eric Belcher, president and CEO, InnerWorkings. “Moreover, the acquisition of the leading multi-national print management firm in Latin America will provide an established base from which to grow InnerWorkings' business. The expansion of our presence in Latin America is consistent with management's strategy of growing the company's geographic footprint to better meet the needs of our global clients.”
Belcher added, “The combination of InnerWorkings and CPRO creates one of the world's largest, most innovative and competitive print management firms. Additionally, the acquisition brings together some of the best talent and technology for utilizing print management as an outsourced solution.”
Carlos Mena, president and CEO, CPRO said, “This acquisition provides our business with the opportunity to offer additional services to our existing clients, such as Unilever, Nestle and LAN Airlines. We recognize that our client roster includes important global organizations, and as such, requires global solutions.”
As part of the agreement, Mena and his management team have committed to long term employment contracts to remain with InnerWorkings.
InnerWorkings, Inc. (Nasdaq: INWK) is a leading global provider of managed print and promotional solutions to corporate clients across a wide range of industries. With proprietary technology, an extensive supplier network and deep domain expertise, the company procures, manages and delivers printed materials and promotional products as part of a comprehensive outsourced enterprise solution. The company also owns and operates the online business printing site, Inkchaser.com. InnerWorkings is based in Chicago with 35 offices in North America, South America and Europe. For more information, visit www.inwk.com.
Source: Company press release.