iPROMOTEu Secures Growth Capital for Enhancing Technology, Funding Possible Acquisitions
iPROMOTEu, Wayland, Mass., announced on Friday that it has obtained new financing, providing the company with growth capital to boost investments and initiatives to support its affiliate network. In a press release, the company said it would use the capital primarily to enhance systems and technology, strengthen recruiting strategies, support internal operations and, should the opportunities arise, fund acquisitions.
Given the number of acquisitions in the promotional products industry over the last couple of years, the new capital and statement of intent show that acquisitions seem likely.
Aside from the injection of new funding, nothing will change immediately with iPROMOTEu. Ross Silverstein will remain the company’s president and CEO, and all management staff will retain current positions. The only change is that the company’s senior management team “now has a broader and more significant ownership interest in iPROMOTEu,” according to the release.
“Since its inception more than 18 years ago as a startup company offering a unique, independent ‘affiliate distributor model, iPROMOTEu has grown into an industry powerhouse with a network of more than 650 independent distributor affiliates and a projected 2018 aggregate order volume in excess of $200 million,” Silverstein said in a press release. “Now, I want to propel iPROMOTEu to an even greater growth and success, and I want our affiliates, suppliers, staff and all those who support us and our work with us to benefit as a result.”
For more information on iPROMOTEu, visit www.ipromoteu.com.