Taylor Corp./Venture Solutions Announces Acquisition of SCICOM Data Services
ARDEN HILLS, MN—August 6, 2013—Venture Solutions announced that it has entered into an agreement to acquire the assets of SCICOM Data Services of Minnetonka, MN. Under the terms of the agreement, SCICOM would be combined with Venture Solutions, a Taylor Corp. subsidiary based in Arden Hills, MN, with the company continuing to carry the name Venture Solutions.
Venture Solutions is a market leader in providing print and digital transactional communications, serving Fortune 1000 companies in compliance-driven markets, including financial services, insurance, healthcare and telecommunications. Venture continues to enhance its products and services to meet the changing needs of its clients, including full-color variable digital printing, mail and e-channel deployment options. Venture also provides the postal and regulatory knowledge to optimize the execution of clients' customer communication programs. Venture's parent organization, Taylor Corporation, is one of the top 10 personalized graphic communications providers in North America. Taylor has over 80 affiliated companies across North America, Asia and Europe.
"As Venture and Taylor continue to evolve to meet the changing needs of their clients, the addition of SCICOM capabilities and expertise aligns very well with our growth strategy centered on personalized customer communications," said Glen Taylor, Taylor Corp. CEO. "We will build upon both Venture's and SCICOM's legacies of market leadership and market knowledge in compliance-driven industries to continue our growth."
SCICOM is a premier provider of data processing solutions that transform critical data into effective customer communications, on any platform, at any time. SCICOM's business focus has been employee benefits, retirement and investment services, and statement processing.
To facilitate the sale of assets, SCICOM has initiated a prepackaged voluntary Chapter 11 proceeding in United States Bankruptcy Court for the State of Minnesota. SCICOM has filed a number of motions with the Court requesting authority to keep the business operating as usual. If the Purchase Agreement with Venture is approved by the Bankruptcy Court, SCICOM will work with Venture to address the structure of the combined organization, with the primary objective of providing its clients best-in-class products, services and technologies.
"As we searched for a suitable buyer, Venture and Taylor stood out as sharing the same values and culture that we are proud of at SCICOM," noted SCICOM CEO Dick Walter. "I believe these shared qualities position the combined companies very well for continued success."
The combined capabilities of Venture and SCICOM will significantly expand Venture's capacity to meet the future needs of its current clients, as well as new business opportunities.
About Venture Solutions
Headquartered in Minneapolis-St. Paul, MN, with a facility in Dallas-Fort Worth, TX, Venture Solutions is a market leader in providing high-quality print and digital transactional communications, serving Fortune 1000 companies in compliance-driven markets, including financial services, insurance, healthcare and telecommunications. Venture's client-focused VentureAccess online 24/7 portal provides market-leading management tools.
About Taylor Corp.
Taylor Corp. is one of the largest privately held companies in the United States, with more than 80 subsidiaries and 9,000 employees. Taylor provides the interactive, printing and marketing solutions that help build the world's most popular brands. Its products are embraced by everyone from brides to big box retailers and from small businesses to Fortune 500 companies.
Source: Venture Solutions.