from the June 2010 issue

Bitstream Inc. acquires Press-sense Ltd.

Responding to customer desires for more automated business processes, Bitstream Inc. a software development company with core competencies in browsing, font, and publishing technologies -- announced today that it has agreed to acquire substantially all of the assets of Press-sense Ltd. for $6.5 million in cash. Based in Israel, Press-sense is a developer of business flow automation systems. The Press-sense business will complement and expand Bitstream's Pageflex product line of enterprise brand management and web-to-print solutions to create one of the most robust end-to-end offerings of business management tools available in the marketing and print industries. By fully automating the creation, production, and back-office processes for document orders, Bitstream will provide the tools to enable its customers to maximize production efficiency, monitor and reduce costs, and increase profits.

A privately-held company founded in 2001 and financed over the years by several venture capital firms, Press-sense has become a dominant solution provider at the intersection of Web-to-print and MIS. The company's flagship Press-sense iWay print-on-demand workflow and management solution has been adopted as the sole OEM web-to-print solution by major digital print manufacturers, including Xerox Corporation, Hewlett-Packard, and Oce, resulting in an installed base of more than 1,500 customers in North America, Europe, and Asia Pacific. There is very little overlap between the customer base of Bitstream and Press-sense, so there is great opportunity for up-selling and cross-selling products throughout the combined customer bases.

Press-sense is based in a high-tech development center outside of Tel Aviv. Bitstream will maintain an office in Israel, which will include product development, sales, and customer support capabilities. The Israel office will allow Bitstream to expand its real-time support for existing customers in Europe, the Middle East, and Africa (EMEA).

"Israel plays a substantial role in both the graphic arts and mobile technology fields. The technical talent in Israel is very impressive," comments Magliocco-Chagnon. "By establishing an office in Israel, Bitstream not only will be able to support Press-sense and Pageflex customers, but also will have an EMEA base from which to staff and support our other business lines, including our Bolt browser."

"Bitstream brings to Press-sense a proven business environment in which to support our 1,500 customers, major OEM partners, and dedicated employees," comments Amir Shaked, Press-sense CEO. "I have been very impressed with the synergy and shared vision between Press-sense and Bitstream. The combination of these two software leaders will produce a solid platform on which the corporations that drive most of the document production across the world--our OEM partners as well as print service providers and corporate clients--can rely on to bring them into the next generation of managed document production." Bitstream plans to continue to develop and expand the Press-sense iWay and Press-sense Manager products. The Company will explore integration opportunities between Pageflex Storefront, the company's award-winning Web-to-print offering, and the complementary Press-sense products. "Our two teams balance each other very well. Pageflex has experience in direct sales, while Press-sense has had significant success in selling through OEMs. The Pageflex customer base is predominantly in North America, while Press-sense customers are located in the US, Europe, and Asia Pacific. Pageflex is known for the power and usability of its SDKs and APIs, as well as its enterprise-level architecture, both of which will be areas of future growth for the Press-sense iWay product," says Magliocco-Chagnon.

Reprinted from the Israel High-Tech & Investment Report June 2010

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