Each organization will keep brands intact.
Photizo Group – the research and consulting firm based in the Lexington, Kentucky area – has acquired Lyra Research. Both firms focus on the print and imaging markets. The new organization will continue to operate from existing offices with headquarters in Midway, Kentucky.
Photizo Group and Lyra have cooperated on several projects in the past, and currently, the only overlap is in their client base. However, Photizo and Lyra have typically worked with different groups within an account. Current client contracts will be fulfilled and met with additional capabilities and services.
“We’ve worked hard to develop our reputation as thought leader in the rapidly evolving managed document services market space,” says Ed Crowley, CEO and founder of Photizo Group. “Lyra’s 20-year history of providing our industry with thoughtful, in-depth analysis of imaging companies and their products makes them the perfect addition. Clients of both firms will see a vastly enhanced level of value from the new combined company.”
Crowley will continue as CEO of the new entity. Frank Stefansson, CEO and executive vice president of Lyra Research will become chief operating officer of the combined organization. Charles LeCompte, founder and president of Lyra Research, will continue to play an active role in the company as a senior analyst and spokesman.
“Clients will benefit from enhanced capabilities in terms of forecasting, consulting, research, competitive analysis and publications,” says LeCompte. “The combination of these companies creates a very comprehensive view of the market—from hardware to supplies to services and document management. We can provide a full view of the industry and its future to clients.”
Other details about the acquisition:
• Each organization will keep its brands intact and associated with its respective products.
• The Lyra “Hard Copy Observer” brand will be leveraged across all media to provide a complete view of the imaging market.
Photizo Group’s conferences as well as Lyra’s Imaging Symposium will remain intact, and the companies will evaluate the best way to approach the conferences as a single entity in 2013.
Founded in 2006, Photizo has been engaged in managed print services (MPS) projects since its inception. A founding member of the Managed Print Services Association, Photizo focuses on the active management and optimization of document output devices and related business processes. The company produces research as well as events and published products.
Did you enjoy this article? Click here to subscribe to the magazine.