- Mimeo.com Inc.
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Mimeo.com new article content ...
Background
Mimeo.com competes in the $95.4 billion commercial printing segment of the $140 billion dollar printing industry (U.S.).[1] Target market segments for Mimeo.com include training, human resources, sales, marketing, retail/franchise and operations/IT. The company produces several million bound documents annually. Its corporate accounts include companies such as GE, Siemens and Morgan Stanley. About 35 percent of its orders are placed for next day delivery; 30 percent are shipped a few days later and 35 percent have a longer-term ship date.[2] Mimeo allows customers to go online, create on-demand documents, print them and then distribute them anywhere—all from the convenience of their desks.[3]
The company started as the second collaboration between fraternity brothers who met at Rensselaer Polytechnic Institute. Two of the founders, Jeff Stewart and David Uyttendaele previously founded the Internet design firm Square Earth. Square Earth eventually merged with another web design firm, Proxicom in January 1998. The combined companies went public on April 14, 1999.. After the merger, Jeff Stewart decided to explore the idea of an online printing company after thinking of the idea while waiting at a retail copy shop at 2AM in San Francisco.[4] He once again partnered with David Uyttendaele and another associate, Key Comptom to start the company.[2] They recruited another fraternity brother and RPI graduate John Delbridge as both CFO and COO. David took on the role of CTO.[5]
Mimeo.com - The First Years
In 1998 the company developed a proof of concept with a functional version released in mid-1999. A contract was established with Xerox for equipment. After presenting their plan to Hewlett-Packard, the venture capital arm of the company agreed to invest $6 million in the startup.[6][4]
The HP investment enabled the company to lease a facility in Memphis, Tennessee from Federal Express.[7] The proximity of the facility to the Federal Express shipping hub enabled the company to offer next morning delivery of all orders and lower shipping costs. With HP as an investor, Mimeo.com was able to interest other venture capitalists such as Draper Fisher Jurvetson and their New York based affiliate, DFJ Gotham. On February 9, 2000 Mimeo.com announced a $10 million joint investment leading to a valuation of $21 million dollars.[8]
In 2000, Mimeo.com grew to 140 employees and just over $1M in revenue. HP's involvement attracted several blue chip customers including HP itself, Siemens, Perot Systems, JPMorgan Chase, Computer Associates, Bear Stearns, Moody's Investors Service, Sabre, Raymond James and Home Depot.[9] To accelerate growth, the company decided to dramatically increase the marketing company's marketing investment by hiring the Martin Agency.[10]
To boost sales, the company recruited an experienced sales professional, John Lyons, as CEO in May 2001.[11] Signs of accelerating growth started to appear with a report of revenue in Q1 2002 being double the level of Q1 2001.[7]
Mimeo.com - The Growth Years
In 2005, Mimeo.com added Harbourvest Partners to the list of investors with a $9M investment, for a total of $50M invested in the company. According to a press release, the money was used to expand a nationwide sales force and to invest in growing existing customers.[12]
Mimeo innovations include a cloud based document archive, online document proofing and a back end technology and workflow that delivered 99.7% quality.[13]
Advances in printing technology also helped the company, as high speed internet coupled with personal computer technology, made it easier for potential customers to find and utilize Mimeo.com services. The vision of being the first printing as a service (PAS) company started to take hold with customers that were becoming accustomed to cloud based business solutions. To grow, Mimeo.com continued to raise money, including a 2004 $9M round of financing. The round was led by HarbourVest Partners and Draper Fisher Jurvetson. The CEO, John Lyons left the company at this time replaced by John Delbridge.[14]
In 2005, to accelerate growth, the company decided to raise an additional $25 led by Goldman Sachs Principal Strategies Group in order to finance future growth. A new CEO, Adam Slutsky was recruited in 2005 based on his experience co-founding and leading Moviefone.[15]
Mimeo.com - Today
From 2007 to early 2010, Mimeo.com has seen steady growth and expansion with revenues growing from $39.6M in 2006 to $60M in 2009.[16] In 2007, the company added several key executives, including Tom Karrat, EVP Sales and Marketing, Charlie Corr, as VP Corporate Strategy and Coleen Smith as Chief People Officer.[17][18][19] In September 2008, the company financed a new 75,000-square-foot (7,000 m2) production facility in Newark, New Jersey[20] to compliment the existing Memphis facility. In 2009, a third facility was opened in Hayward, CA, the company's first west coast U.S. presence.[21]
The company continues to introduce innovations and new partners. In 2010, Mimeo.com introduced a new network architecture which enabled other companies to utilize the Mimeo.com workflow.[22] Other innovations included Mimeo.com Marketplace, a cloud based e-commerce platform that prints materials right after they are ordered. In 2010, CEO Adam Slutsky was named one of five finalists for print CEO of the year.[23]
In July 2011 Mimeo expanded into Europe with the acquisition of CLE Group in Cambridgeshire. Jamie Wardley will lead Mimeo Europe as General Manager, reporting to Mimeo CEO Adam Slutsky. In Q4, 2011, CLE will move into a new 50,000-square-foot (4,600 m2) facility in Huntingdon, Cambridgeshire, that will serve as the headquarters for Mimeo Europe as well Mimeo's first production and distribution centre in Europe. The centre will support all lines of business by Q2, 2012.[24]
References
- ^ http://www.printing.org/page/4309
- ^ a b http://americanprinter.com/pmbuyer/mag/mimeo-print-document/
- ^ http://www.successmagazine.com/Success-Stories-Adam-Slutsky/PARAMS/article/474/channel/20
- ^ a b http://www.sptimes.com/News/020700/Technology/Printing_no_matter_wh.shtml
- ^ http://sd.pikes.org/908/sd908h4.html
- ^ http://www.highbeam.com/doc/1G1-59243777.html
- ^ a b http://www.highbeam.com/doc/1G1-120086882.html
- ^ http://www.highbeam.com/doc/1G1-59268539.html
- ^ http://whattheythink.com/news/10244-mimeocom-has-great-2000-average-transaction-tops-500/
- ^ http://www.highbeam.com/doc/1G1-59362070.html
- ^ http://americanprinter.com/mag/printing_mimeocom_names_lyons/
- ^ http://www.thefreelibrary.com/Mimeo.com(R)+Closes+$9+Million+in+Funding;+Accelerates+Growth+in+On...-a0131680199
- ^ http://shoestringventure.com/en/2010/12/06/why-wait-on-line-when-you-can-print-online-with-mimeo-com/
- ^ http://findarticles.com/p/articles/mi_m0EIN/is_2005_Feb_24/ai_n10300193/
- ^ http://www.thefreelibrary.com/Mimeo.com+Names+Adam+Slutsky+as+Chief+Executive+Officer.-a0132901440
- ^ http://www.inc.com/inc5000/profile/mimeocom
- ^ http://whattheythink.com/news/2963-mimeocom-names-thomas-j-karrat-executive-vice-president/
- ^ http://whattheythink.com/news/32157-mimeocom-names-charlie-corr-vice-president-corporate/
- ^ http://www.tmcnet.com/usubmit/2007/12/20/3178725.htm
- ^ http://www.dmnews.com/mimeocom-opens-new-plant/article/121805/
- ^ http://www.piworld.com/article/internet-printer-mimeocom-opens-california-plant/1#
- ^ http://findarticles.com/p/news-articles/wireless-news/mi_hb5558/is_20100421/mimeocom-open-platform-print-production/ai_n53225794/
- ^ http://whattheythink.com/news/46468-mimeo-ceo-adam-slutsky-named-print-ceo-year-award/
- ^ http://www.mimeo.com/news/2011/mimeo-expands-to-europe-with-acquisition-of-CLE-Group.php
External links
Categories:- Printing companies
- Digital press
- Printing processes
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