Banyan Software is to acquire the printIQ business in a move focused on R&D investment, growth and unlocking ‘potential in the business’.
Founded in 2016 and based in Atlanta, Georgia, Banyan Software specialises in acquiring, building and growing enterprise software businesses. With a permanent capital base set up to preserve the legacy of founders, Banyan focuses on a ‘buy and hold for life strategy’ for growing software companies. The business is backed by a group of CEOs and investors with deep technology experience and currently operates across a growing number of verticals.
printIQ is a global technology company that offers a management workflow system, and has been helping small and medium print, packaging, label, flexo, signage, and wide format companies operate successfully since 1999.
printIQ has reported ‘significant growth’ over the past 12 months with operations spanning New Zealand, the US, Europe, Australia and Canada and employing more than 50 staff. Banyan is anticipated to further this as a strategic development partner for printIQ as part of its future growth initiative plan. Anthony Lew will remain at the helm of printIQ as CEO along with the same sales, marketing, customer service, support and product development teams.
‘Over the last 20 years, and with the help of many amazing people, we have established our business as a market leader that drives innovation through the print industry,’ stated Mr Lew. ‘I am delighted to have found a partner that can help us to write the next chapter in our story. Banyan shares many of the values that we hold so high and has a proven reputation for growing businesses.
‘printIQ has always had a history of rising to the challenge of pushing the limits of what a print MIS can do. From our early days as a small New Zealand start-up, we have continued to work tirelessly to build the best solution possible. Our inspiration has always been our customers who have believed in the vision of what the platform could be. Consistently pushing it to the next level means that development is never complete. We are excited to have a partner who will help us deliver on that promise by investing in R&D, growing into new markets, and delivering the best solutions for the print industry.’
David Berkal, CEO at Banyan Software, said, ‘It was clear from the beginning how committed the team is to building quality solutions and providing excellent customer service, alongside an equal commitment to creating a culture that their employees are proud to be part of. We’re very excited to welcome printIQ to Banyan as we continue to expand into the Australia and New Zealand market.’
Mr Lew continued, ‘It’s an exciting time as I already see many of the benefits of partnering with a long-term investment focused software company. My goal is to continue building the product, extending our reach into new markets, and improving the way we listen, partner with, and support our existing customers.’
