The imaging industry's largest dedicated team of analysts was created today, as Photizo Group announced its acquisition of Lyra Research. The acquisition unites the two market leaders, creating the broadest, most comprehensive line of market intelligence and consulting services in the imaging industry to date.
"We've worked hard to develop our reputation as 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 entity.
Photizo Group helps organizations understand the unique requirements of the services industry and build a successful business. Lyra Research is a major provider of market, product and technology information and analysis. Both firms focus on the print and imaging markets. The new organization will continue to operate from existing offices, with headquarters located in Midway, KY.
More Value for Current Clients
"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. He will become Chief Operating Officer of the combined organization.
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.
"Clients will benefit from enhanced capabilities in terms of forecasting, consulting, research, competitive analysis and publications. 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," said Charles LeCompte, Founder and President of Lyra Research. LeCompte will continue to play an active role in the company as a senior analyst and spokesman.
Other details about the acquisition:
- Each organization will keep its brands intact and associated with its respective products.
- There is significant value in the Hard Copy Observer brand, and it 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.