Oakland, CA, July 28, 2011 – Sverica International, a private equity investment firm, announced today the sale of its portfolio company PsPrint, LLC (“PsPrint”) to Deluxe Corporation (NYSE: DLX) (“Deluxe”). Based in Oakland, CA with additional operations in Bethlehem, PA, PsPrint is a leading online supplier of high-quality, custom printed promotional products and integrated design and mailing services to small- and medium- sized businesses, including non-profit organizations and educational institutions.
Sverica acquired a controlling interest in PsPrint in May 2003, was an active partner with the Company and maintained a low basis enabling Sverica to realize over a ten times gross return from the investment. Sverica has provided PsPrint with strategic planning support, added depth to the management team, facilitated capital investment in technology, and assisted in dramatically expanding and streamlining PsPrint’s manufacturing capabilities. Sverica’s strategic focus on improving the experience of PsPrints’ customers with enhanced service and higher-quality product offerings helped drive dramatic growth.
Sverica Managing Director, Frank Young, who served as the CEO of PsPrint from 2003 to 2007, commented, “PsPrint was a special investment for me personally having spent many years as the CEO and I couldn’t be happier with this outcome for our investors and PsPrint’s management team and employees. Since 2003, we stayed committed to investing in PsPrint’s people, infrastructure, and technology to continually enhance the customer experience. This transformed PsPrint into a market leader with rapid year over year growth and a highly scalable operation. Deluxe is getting a tremendous company with loyal customers and outstanding employees and we expect Deluxe will continue to build on our success.”
Since 1990, PsPrint has provided better printing and service to nearly 500,000 small business marketers and graphic designers. PsPrint combines state-of-the-art Internet capabilities and the industry’s best printing equipment with experienced print professionals and color specialists to deliver convenient online ordering, consistent color matching and 99.7 percent on-time delivery. By offering a 100 percent customer satisfaction guarantee, PsPrint also stands behind every order, every time. More than 70 top-quality and eco-friendly printed products and related mailing services are available online at www.PsPrint.com.
About Deluxe Corporation
Deluxe is a growth engine for small businesses and financial institutions. Four million small business customers access Deluxe’s wide range of products and services including customized checks and forms as well as web-site development and hosting, search engine marketing, logo design and business networking. For financial institutions, Deluxe offers industry-leading programs in checks, customer acquisition, regulatory compliance, fraud prevention and profitability. Deluxe is also a leading printer of checks and accessories sold directly to consumers. For more information, visit www.deluxe.com, www.facebook.com/deluxecorp, or www.twitter.com/deluxecorp.
DeFY partners with best-in-class and emerging cybersecurity technology vendors to build tailored security programs for its clients, which include leading enterprises in the financial services, healthcare, manufacturing, and retail verticals throughout the United States. DeFY provides front-end consultation and assessment services, as well as integration, testing, and support services across a wide variety of security technologies.
“The DeFY team is excited to announce our partnership with Sverica as we continue to drive growth with a strategic investor who has experience in cybersecurity. We have established a great long-term relationship with the Sverica team dating back to their investment in Accuvant, and are excited to be working with them again as we endeavor to build a best-in-class cybersecurity solutions provider”, said Justin Domachowski, Founder and CEO of DeFY. Domachowski will continue to lead the Company, while Frank Young, Managing Partner at Sverica, and Michael Dougherty, Vice President at Sverica, will join DeFY’s Board of Directors as part of the transaction. David Roshak, the former CFO of Accuvant and Optiv, will also be joining the Board as an Independent Director.
“In just a few short years, Justin and the DeFY team have rapidly built a successful business and developed extremely strong customer relationships with a number of leading enterprises. We look forward to partnering with Justin and DeFY to help guide the Company through continued growth and national expansion”, said Frank Young, Managing Partner at Sverica.
Michael Dougherty, Vice President at Sverica, added “We believe DeFY is well-positioned to capitalize on the continued positive tailwinds in cybersecurity. The landscape of technologies and threats is evolving daily and increasing in complexity. DeFY can help enterprises navigate this environment to build robust security programs, as well as expand the reach and effectiveness of its technology partners.”
About DeFY Security
DeFY is a leading cybersecurity solutions provider based outside of Pittsburgh, Pennsylvania. DeFY partners with top cybersecurity technology vendors to deliver solutions that meet the needs of enterprise clients across a variety of industries. Founded in 2017, DeFY has rapidly grown to become a leader in the space. For more information, please visit https://www.defysecurity.com/.