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GotaCopy Gets Green Light Edmonton, Alberta, February 21st, 2005 – Foundation Equity Corporation (“Foundation”) announced today that it participated in the successful closing of a $1,440,000 equity financing into GotaCopy.com Inc. (“GotaCopy”). Foundation co-led the deal with SpringBank TechVentures, a Venture Capital group in Calgary, and a new management investor group. GotaCopy was founded by James Gibbins in 1999, and developed a software suite named Printelligence, which provides print tracking solutions that enable organizations to manage, bill, account for, reduce and recover the costs of printing, direct to a device or a central print facility. GotaCopy partners with IBM, Canon, Heidelberg, Konica Minolta, Kyocera, Ricoh, and Xerox to deliver turnkey print solutions to business enterprise customers. The market opportunity for print management services is significant. The Gartner Group, an IT industry consulting and research firm, calculates that the cost of acquiring a printer is only 20% of the total cost involved. Print hardware accounts worldwide for $11B in expenditures, while printer consumables (ink and media) are responsible for another $32B annually. GotaCopy's value proposition is premised on flexibly and cost-effectively managing an enterprise’s printing operations across the entire organization. “The Printelligence Education solution is essentially transparent. The routing to the printer and the option to purchase additional print credits through an online transaction has been easy for students to operate and eminently successful for all stake holders.” “Printelligence is essential for the business we do. We are in a very fast paced environment and changes can take place literally overnight. Printelligence enables us to make the changes we need in the timeframe we are given. Not only is it fast, but it is extremely easy to use and the support group is phenomenal.” David Edmonds (President), Randy Coates (VP Operations), Brad Flock (VP Global Channels) have now joined GotaCopy as the management investor group. They join the founder, James Gibbins (VP Product Development and Client Services) and John Givens (VP Business Development) to form the core management team. Edmonds describes their value proposition as follows: “For education, health care and business enterprises that need to control their escalating printing costs, GotaCopy develops and sells print management solutions so they can account for, charge back and allocate printing costs and reduce those costs by 20% or more with enhanced printing service delivery. Printing is typically the second largest general and administrative expense for an organization. This is a rapidly growing market worldwide and entities such as the Gartner Group and others have targeted practices and offerings for the printing area. The management team sees a powerful ROI story and a lucrative business model to execute against. The GotaCopy team is expected to grow quite rapidly over the next 12 months” Kerry Brown, President and CEO of Foundation said: “We are excited about the investment potential that GotaCopy presents. GotaCopy’s business model creates an attractive level of recurring cash flow. Foundation is an angel capital group based in St. Albert, Alberta. It specializes in funding the commercialization plan of emerging technology companies.
For more information, contact: Randy Coates (403)265-0556 ext.107 |
