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PRESS RELEASE: X-Rite Acquires Monaco Systems Color Management Software Company
- Acquisition part of Company's strategic growth initiative -
Grandville, Mich., - July 2, 2003 -X-Rite , Incorporated (NASDAQ:XRIT) announced that it has acquired the assets of Monaco Systems, a Massachusetts-based company that develops and distributes color management software to the graphic arts and photo markets. This $10.6 million asset purchase funded by a combination of cash and stock, some of which is subject to certain vesting requirements, includes the entire Monaco line of color management products, all intellectual property and operating assets.
"The Monaco acquisition is a key component in X-Rite's drive to offer total color management solutions, integrating excellent software with our highly accurate and reliable instruments," said Michael C. Ferrara, President of X-Rite. "Jim Weaver (X-Rite's General Manager of Print & Imaging) identified this acquisition and strongly believes that the combination of products, global distribution, color expertise and service offerings will enable X-Rite to offer a broader set of color solutions to new and existing customers. We look forward to providing and developing solutions for new customer markets within the graphic arts, imaging and photo industries. We are also pleased to announce that George Adam, Monaco's founder, as well as his staff, will be joining our organization."
"Monaco Systems' products are considered best in class, and joining an organization as prestigious as X-Rite provides a powerful response to customer demands for color management solutions," said George Adam, founder of Monaco Systems, Inc. "Our long-standing relationship has proven that Monaco's technology integrates well with X Rite products and customer support capabilities. We look forward to being a part of X-Rite and continuing to provide our joint customers with the very best solutions available in the industry."
Executing Strategic Growth Initiative
This is X-Rite's third acquisition in 2003, affirming its position as a global leader in the color business. Earlier this year, in an agreement with Benjamin Moore & Co., X-Rite acquired the ColoRx® product line and related assets from Thermo Electron Corporation, Benjamin Moore's former supplier. More recently, X-Rite acquired the ccDot meter product line of Centurfax Ltd., a London-based company that develops and distributes products serving the pre-press and printing industries.
About Monaco Systems
Monaco Systems was founded in 1993 to develop powerful and innovative tools for color-critical environments. Today, Monaco Systems has OEM relationships with many leaders in the imaging industry who value integrating and licensing its technology and custom products into their own market solutions. Monaco Systems has a line of software products targeted toward specific markets within the digital imaging and photo industries including: MonacoPROOF, MonacoPROFILER, MonacoVIEW and MonacoEZColor.
X-Rite, Incorporated is a world leader in precision measurement devices, software and service solutions enabling customers to enhance the quality control of color. Many large, multi-national firms use X-Rite's products and services for many applications in a wide variety of markets including digital imaging, printing, coatings, plastics, retail color matching, dental and advanced lighting. Sales and service offices throughout Europe, Asia and the Americas support the Company's North American manufacturing, research & development facilities. For more information, contact X-Rite, 3100 44th Street, S.W., Grandville, Michigan 49418, USA; Telephone (616) 534-7663; Fax (616) 534-9215; Web site: www.xrite.com.
(First posted on Wednesday, July 2, 2003 at 19:17 EDT)