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February 02, 2012 | Tom Ballard

Meritus Ventures portfolio company makes acquisition

The following news release was provided by Meritus Ventures, an area venture capital fund which has an office in Oak Ridge.

Meritus Ventures announced today that Photizo Group has acquired Lyra Research. Meritus first invested in Photizo (Midway, KY) in June 2010, and the company has grown rapidly since that time. With this acquisition, Photizo accelerates its growth by uniting two market leaders, creating the broadest, most comprehensive line of market intelligence and consulting services in the imaging industry. The new organization will be headquartered in Midway, KY and will maintain the existing Lyra office in Newton, MA.

“We’ve worked hard to develop our reputation as a thought leader in the rapidly-evolving managed document services market space,” said Ed Crowley, CEO and founder of Photizo Group. “Lyra’s twenty-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 combined entity.“Over the past couple of years, several industry clients and contacts actually suggested the idea of our companies getting together, with the goal of offering a more complete slate of services and broader industry focus. We are very excited to now bring this idea to fruition with the union of our two companies,” said Frank Stefansson, CEO and Executive Vice President of Lyra Research. Stefansson will become Chief Operating Officer of the combined organization.

“The combination of these two companies will create an opportunity to scale the resultant enterprise, allowing for accelerated growth and operational efficiencies. Photizo’s capacity to effectively function as a one-stop shop will be very attractive to clients in the rapidly growing imaging industry,” said Ray Moncrief, Fund Manager of Meritus Ventures and Chairman of Photizo’s Board of Directors.About Meritus Ventures, L.P. – Meritus Ventures is the only Rural Business Investment Company (RBIC) in the United States. The $36.5M venture capital fund invests to realize attractive returns for the Fund’s investors while creating wealth and jobs in rural areas of central and southern Appalachia and Arkansas. In addition to providing equity investment, the Fund may provide operational assistance to its portfolio companies. For more details on Meritus Ventures and its investment profile and criteria, please visit:

About Photizo Group – Photizo Group assists clients in transforming from a product-centric company to a services-centric company. Utilizing industry research, market intelligence, education and media, Photizo helps organizations to understand and build a successful services business. They have been the market’s main source for ongoing business intelligence about the rapidly growing opportunity of managed print services (MPS). The firm also offers proprietary studies and custom consulting. Vendors, dealers and enterprises can find more information about the evolving markets and resources at

About Lyra Research – Lyra Research collaborates with imaging industry decision makers worldwide, enabling clients to strengthen their market position and achieve profitable growth. Lyra’s expert analysts and editors help clients devise and implement creative solutions to business challenges, providing them with competitive intelligence, strategic and tactical advice, news and analysis, and market forecasts. Since 1991, Lyra’s custom research and consulting, advisory services, award-winning journals, and innovative events have set the standard for analysis of imaging hardware, consumables, and digital photography markets. Visit to learn more about how Lyra can be your strategic business partner.


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