SmartPrint Inc. confirmed to CDN that it locked up LaserCorp’s Toronto managed print services practice for an undisclosed amount.
SmartPrint was listed last year at No. 100 on the CDN Top 100 Solution Providers’ list with revenues between $5 to 10 million.
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Tim Lomax, president of SmartPrint said that his company is looking forward to supporting LaserCorp clients in Toronto and helping them reach the next level of efficiency and cost savings in their organization.
- The client base is highly concentrated in three key industry verticals – legal, finance and professional services;
- Their geographically concentrated in the downtown Toronto core; and
- Their MPS programs are high touch which makes the client engagement very sticky.
“As the sophistication of our MPS practice has grown over the past few years, we’ve been looking for an acquisition opportunity to accelerate our rapid organic growth. As we’ve seen in the U.S., the maturation of MPS is driving market consolidation, but with fewer dedicated MPS providers in Canada, the opportunities have been fewer and the timing just hasn’t be right for the vendors looking to exit,” Lomax said.
“LaserCorp has been providing white glove MPS service for professional services firms throughout Toronto’s downtown core,” Lomax said.
Lomax added that the MPS market is maturing making it more challenging for smaller players. Things Lomax must consider are making significant investments in the business just to keep pace. This has forced smaller regional providers to look at an exit strategy, he said.
Currently LaserCorp has more than 100 mid-market professional services clients in industries such as legal, finance and accounting.
Eric Black, president of LaserCorp, said this acquisition is an exciting development for his company’s Toronto-based clients who will be able to leverage SmartPrint’s broader portfolio of hardware and software solutions.
The integration plan now will see the technical service team at LaserCorp join SmartPrint.
Rob Farrell, VP of sales and marketing for SmartPrint, said clients need to make sense of the complexity of their organization’s printing and imaging environment and the team at SmartPrint are experts in this field that can analyse the situation and provide solutions that ensure a competitive advantage.