Mimeo, Inc

Mimeo.com, Inc.
Private
Industry Office services
Founded 1998
Headquarters 3 Park Avenue New York, New York
Area served
 Worldwide
Key people
 John Delbridge (CEO), David Uyttendaele (CTO)
Products Print on demand, Electronic publishing, digital distribution, Warehousing, Kitting Services
Number of employees
 800 (2014)
Subsidiaries Mimeo LTD, Mimeo GmbH, SPC Verlag, Gateway Publishing
Website Mimeo Homepage

Mimeo.com, Inc. is a privately held Print on demand and digital distribution document company. It was the first to offer online printing and overnight delivery of complex documents and marketing materials.[1] The company refers to itself as a technology company that prints.[2] Customers utilize a proprietary online workflow connected to multiple print production, warehouse and distribution centers. Customers include small, mid-sized and large companies.[3] The company was named after the Mimeograph.[4] Printing and distribution centers are located in Memphis, Tennessee, Newark, New Jersey and Huntingdon, Cambridgeshire, England.[5]

History

Mimeo was founded in 1998 by Key Compton, Jeff Stewart (Mimeo.com board member and first Mimeo.com Chief executive officer)[6] and Dave Meadows. A few months later, David Uyttendaele (Mimeo's Chief technology officer), Scott Klemm and John Delbridge (former Chief operating officer and Chief financial officer, current Mimeo CEO), joined the founding team. Stewart, Delbridge and Uyttendaele first met on the second floor of their freshman dormitory at Rensselaer Polytechnic Institute. They reunited in 1998 after Stewart and Uyttendaele launched and sold Internet consulting company Square Earth to Proxicom, which is now ICrossing.[7] In 1998, the company launched with the goal of becoming the print dial tone for the Internet.[4] The company developed proprietary technology and a proof of concept, leading to the release of a functional version in mid-1999. The strategy was to leverage the time and cost savings that come from being adjacent to major shipping and distribution hubs. The first print facility was located next to the FedEx distribution hub in Memphis, Tennessee.[8] In 2000, the company reported employment levels of 80 people and 422 customers. Unfortunately, Mimeo was spending more than it was taking in, losing $1M per month.[7] To accelerate growth the company hired an experienced sales professional, John F. Lyons as CEO in May 2001, replacing company founder Jeff Stewart.[9] As of 2002, Customers included 300 of the Fortune 2000.[10]

In October 2004, the company’s growth was recognized by Inc. (magazine), as one of the fastest growing companies in the U.S. having been ranked at number 186 on the Inc. 500.[11] The CEO, John Lyons left the company at this time replaced by John Delbridge while a search for a full-time CEO was launched.

In 2005, Adam Slutsky, former COO, CFO and director of Moviefone joined the company as CEO, replacing John F. Lyons.[12] In September 2006, the company purchased three Kodak Nexpress Color printers and reported a total of 328 employees.[11] They also added add several key executives, including Tom Karrat, EVP Sales and Marketing, Charlie Corr, as VP Corporate Strategy and Coleen Smith as Chief People Officer.[13] At the time, Mimeo reported growth rates of 50% over the past four years.[14] The company achieved growth rates of 68% in 2005 versus 2004, reaching $50 million in total revenue.[15] In December 2008, Mimeo opened a 75,000 square foot web enabled print production and distribution facility in Newark, New Jersey with a capacity of 1,000,000 pages per day. This was the second print and distribution facility owned by the company. By 2008 Mimeo employed more than 500 people, serving 4000 customers, 38% of which are Fortune 500 customers. From 2007 to early 2010, Mimeo.com has seen steady growth and expansion with revenues growing from $39.6M in 2006 to $60M in 2009.[16] In July 2011 Mimeo expanded into Europe with the acquisition of Cambridgeshire, England based CLE, led by Jamie Wardley. Wardley was immediately appointed General Manager of Mimeo Europe.[17] The acquisition expanded Mimeo’s business to include custom products such as School Yearbooks via SPC Verlag and On-demand Funeral Cards via Gateway Funeral Cards. In Q4, 2011, CLE moved into a new facility in Huntingdon, Cambridgeshire, England that serves as the headquarters for Mimeo Europe as well Mimeo's first production and distribution centre in Europe.[18] In 2013, Mimeo had more than 600 employees and revenues of approximately $100 million.[19] The Memphis facility has 324 people with plans to expand to 514 employees by 2016.[20] The company hires approximately 200 temporary workers to meet holiday season demand for photo greeting cards, calendars and albums.[21] In 2014, Mimeo Expanded in Europe with an acquisition of Germany’s Koebcke. With this acquisition the employee count grew to over 800 employees.[22] In January 2013, John Delbridge took over as the CEO and President, following Adam Slutsky’s departure. For the period 2005 to 2012 Mimeo reported an annualized growth rate of +25%.[19]

Business

Products and Services

Products

Mimeo offers Print on-demand document printing, print distribution and digital document distribution. Customers can upload files in any format and then use online tools to select and view an online proof and select different binding and finishing options.[23] The company website lists presentations, manuals, brochures, booklets, flyers, newsletters, and posters among the available products. Custom products include funeral cards, school planners, photo books, and bound documents.[17] In addition, Mimeo offers CD, DVD, USB Flash Drives and Disc packaging services that enable customers to create, order, warehouse, kit and track projects produced in each medium.[24]

Services

Mimeo Marketplace is a customized E-commerce storefront that launched in 2008 integrates with the solution for distribution of printed and digital documents.[25] A product extension, Marketplace TCM was introduced at ASTD 2013 (American Society for Training & Development), as a digital and print and digital document management and distribution solution.

Services include Warehousing and Kitting where multiple items can be stored and then distributed into a kit for distribution. Items can be ordered as a kit through the Mimeo Marketplace or the Mimeo interface.[26] Electronic publishing (called ePublishing) solutions enable document administrators to distribute content as a file, secured document and via an E-book reader.[24]

Mimeo uses proprietary Adaptive Document Assembly Process (ADAP) software to run print operations at 3 digital printing facilities. It uses algorithms to dynamically schedule production and route jobs based on delivery requirements and the workloads on individual pieces of equipment and plants.[27] The company operates Kodak NexPress and Hewlett-Packard Indigo and Xeikon digital color printers, installed across the facilities are a number of Océ and Xerox monochrome devices. For large-format digital printing, Hewlett-Packard DesignJet ink-jet printers drive production. Standard Horizon folding (AFC-544AKT), trimming (HT-30), saddle stitching (StitchLiner 5500) and perfect binding (BQ-270 and BQ-470) equipment is installed in the plants.[28] Mimeo also uses Six Sigma and Lean manufacturing practices to eliminate errors, create value for customers, and produce high-quality products. Mimeo operates nine Quality assurance stations with 31 checkers.[23]

Competitors

The company’s competitors in North America include FedEx Office, Staples Inc., OfficeMax, Xerox and many local providers.[29]

Clients

Corporate Affairs

Investors

The venture capital arm of Hewlett-Packard made the first $6 million investment in Mimeo.com. The Hewlett-Packard investment funded the lease for a 140,000 square foot facility in Memphis, Tennessee, across from the FedEx shipping hub in the Memphis International Airport Center.[23] With Hewlett-Packard as an investor, Mimeo was able to interest other venture capitalists such as Draper Fisher Jurvetson and their New York City based affiliate, DFJ Gotham.

On February 9, 2000 Mimeo announced a $10 million joint investment leading to a total equity raise of $21 million. In the same year, Mimeo also raised a $12 million Series B round with investors including Draper Fisher Jurvetson, DFJ Gotham, Hewlett-Packard and several of the founders.[7] In June 2002 Mimeo raised a $6.5M Series C round led by Draper Fisher Jurvetson with participation from Hewlett-Packard and DFJ Gotham.[10] To fund expansion, Mimeo continued to raise money, including a 2004, $5.5M round of financing. The round was led by HarbourVest Partners and included follow on investments from Draper Fisher Jurvetson and DFJ Gotham.

In 2005, Mimeo raised an additional $5.8M in equity led by HarbourVest Partners, followed by Draper Fisher Jurvetson, DFJ Gotham Ventures and additional private investors.[10] GE Commercial Finance Technology Lending provided $3.2 Million in debt financing.[30] In 2007, the company raised an additional $25 million led by Goldman Sachs Principal Strategies Group. Other investors included Draper Fisher Jurvetson, DFJ Gotham Ventures, Harbourvest Partners and Hewlett-Packard.[31]

In 2011, Mimeo raised growth capital through an equity and subordinated debt investment from Patriot Capital.[32]

Board Members

Former Board Members and Board Observers

  • Jeff Stewart, former Board member, founder Lenddo
  • David Uyttendaele, CTO, Board Observer
  • Key Compton, Board Observer, President, Data & Distribution, AddThis
  • Janet Morrison Clarke, former Board member Asbury Automotive Group

Awards and Industry Ranking

50th Largest Printing Company in the United States (as of 2012, based on company reported $100M gross revenue)[33] Inc. (magazine) 500/5000 Ranking: (9 Listings)[34]

Year Rank
2004 186
2005 277
2007 1320
2008 1486
2009 2293
2010 3456
2011 4419
2012 4094
2013 4646

Printing Industries of America “Best in Show” Web2Awards 4 consecutive years (2009, 2010, 2011, 2012)[35] Questex Media Award for Business Transformation Initiatives[36] TrainingOutsourcing.com Top 20 Specialized Learning Process Providers (2006)[37] Crain's New York Business Fast 50 2012[38]

References

  1. ↑ Pellow, Barb Mimeo Expanding Its Marketplace, What They Think, 2008
  2. ↑ Gawreluk, Nicholas Getting A Taste of Mimeo's Secret Sauce, Printing Impressions Magazine, October 24, 2012
  3. ↑ Smith, MarkMimeo.com Driven to Succeed Online; Printing Impressions Magazine, February 2010
  4. 1 2 Big Week for Mimeo.com , Urgent Speed blog, April 21, 2010
  5. ↑ Fung, Amanda Online Printing Firm Expands Into Recession Crains New York, December 2, 2008
  6. ↑ O'Brien, Katherine Tick Tock, Printing News, December 1, 2007
  7. 1 2 3 Brothers and Friends Now Business Partners, Shield and Diamond of Phi Kappa Alpha, April 2008
  8. ↑ Lapowsky, Issie Mastering Last Minute Orders Inc. Magazine
  9. ↑ Mimeo Names New CEO Stewart Remain Board Chief What They Think, May 17, 2001
  10. 1 2 3 What They Think, Company Press Release
  11. 1 2 Mimeo Invests in Equipment Upgrade Memphis Business Journal, September 26, 2006
  12. ↑ Success Stories - Adam Slutsky Success Magazine
  13. ↑ , company press release, November 6, 2007
  14. ↑ Mimeo.com secures $25 million in financing,Memphis Business Journal, September 19, 2007
  15. ↑ Printing is On-DemandPrinting News, March 8, 2007
  16. ↑ Tode, ChantalMimeo.com Opens New PlantDirect Marketing News, December 3, 2008
  17. 1 2 Risher, Wayne,, Memphis Commercial Appeal, July 21, 2011
  18. ↑ Mimeo makes first move in Europe with CLE purchase,Print Business, 2013
  19. 1 2 Sherborne, CaryBig Changes at Mimeo.com, What They Think, February 13, 2013]
  20. ↑ Mimeo.com seeks tax break for $11.3M expansion adding 190 new jobs, Memphis Business Journal, May 13, 2011
  21. ↑ Risher, Wayne,Mimeo.com has jobs in Memphis, but it is struggling to find qualified workers , The Memphis Commercial Appeal, July 11, 2010
  22. ↑ Francis, Jo Service Point UK has been placed into administration ahead of an anticipated pre-pack sale of the business.,PrintWeek, April 28, 2014
  23. 1 2 3 Creating the market,Business Excellence Magazine, July 2009
  24. 1 2 , Mimeo.com (Company Website), October 2013
  25. ↑ McCarthy, CarolineNew York Tech Meetup riffs on the state of the local industry, CNET.com, June 3, 2008
  26. ↑ New York Tech Meetup riffs on the state of the local industry,CNET, June 3, 2008
  27. ↑ Gawreluk, Nicholas, Getting a Taste of Mimeo’s Secret Sauce, Printing Impressions, October 24, 2012
  28. ↑ Smith, Mark , Printing Impressions Magazine, Feb 2010
  29. ↑ Hoovers
  30. ↑ Mimeo.com closes $9 million in funding Memphis Business Journal, April 19, 2005
  31. 1 2 Business Week
  32. ↑ http://patriot-capital.com/portfolio/patriot-capital-ii/
  33. ↑ The 2012 Printing Impressions 400,Printing Impressions, December 1, 2012
  34. ↑ Inc. Magazine 5000, 2013
  35. ↑ web2awards profile, Printing Industries of America
  36. ↑ Mimeo Wins 2011 Business Transformation Award at Publishing Xchange Conference, Yahoo-Finance, March 24, 2013
  37. ↑ Mimeo.com Receives Awards for Leadership in Technology and Innovation, Company Press Release, August 7, 2006
  38. ↑ Fast 50 2012, Crain's New York Business Magazine
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