Multinational online printing company Goodprint has changed hands for £10m.
The company, which specialises in printing business cards and letterheads, has been bought by Tangent in a deal that brings it into the same stable as printed.com. The acquisition gives Tangent access to an international market, since Goodprint operates in 17 countries including Germany, France and the Netherlands. It also gives it more than 120,000 new customers across Europe, and a step into the mobile commerce arena, through Goodprint’s mobile interface.
“This acquisition represents a step change for our business,” said Tangent chief executive Tim Green. “This industry is expanding and we intend to be amongst the leaders.”
As well as its online retail brands, printed.com, goodprint.co.uk and Smileprint, London-based Tangent also has a digital marketing arm Tangent Snowball which works for Carlsberg, Dunhill, SAP and TATA.
The deal was funded through a £10m equity placement for AIM-listed Tangent, which was founded in 2005.