Bitstream to Acquire Assets of Press-sense
Responding to customer desires for more automated business processes, Bitstream Inc. announced that it has agreed to acquire substantially all of the assets of Press-sense Ltd. for $6.5 million in cash and the assumption of liabilities related to deferred revenue. Based in Israel, Press-sense is a leading developer of business flow automation systems.
The Press-sense business will complement and expand Bitstream’s Pageflex product line of enterprise brand management and Web-to-print solutions to create one of the most robust end-to-end offerings of business management tools available in the marketing and print industries. By fully automating the creation, production, and back-office processes for document orders, Bitstream will provide the tools to enable its customers to maximize production efficiency, monitor and reduce costs, and increase profits.
A privately-held company founded in 2001 and funded over the years by several venture capital firms, Press-sense has become a dominant solution provider at the intersection of Web-to-print and MIS. The company’s flagship Press-sense iWay print-on-demand workflow and management solution has been adopted as the sole OEM web-to-print solution by major digital print manufacturers, including Xerox Corporation, Hewlett-Packard, and Océ, resulting in an installed base of more than 1,500 customers in North America, Europe, and Asia Pacific. There is very little overlap between the customer base of Bitstream and Press-sense, so there is great opportunity for up-selling and cross-selling products throughout the combined customer bases.