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Garage
Technology Ventures Invests $2.5 Million in Lure Media
MONTREAL, Oct. 9, 2007 /PRNewswire/
-- Lure Media, Inc. today announced it has acquired the assets
and intellectual property of Impact I.S., Inc. and completed a
$2.5 million round of financing in a transaction with Garage
Technology Ventures Canada.
Proceeds will be used to
expand global marketing and sales of IMPACT Software and to
launch ETERIORS, a business-to-business exchange supporting
the global commercial and residential interior design
industry. ETERIORS will link manufacturers of luxury lifestyle
products to their respective dealers, interior design
professionals and high-spend customers on a transactional,
digital backbone that evolves into the standard network for
electronic commerce and rich media in the global luxury
lifestyle market.
Margit Leger, President and
Chief Executive Officer of Impact I.S., Inc., will serve as
Founder and Chairman of Lure Media. Gordon Haight, former
President of Red Herring magazine, will serve as President and
Chief Executive Officer of the new company.
For over two decades, IMPACT
solutions have pioneered automation in this high-profile
industry, processing transactions valued in excess of $1
billion per year by 1200 of the country's leading interior
design firms and professional showrooms, including: Polo Ralph
Lauren, Henredon, Mimi London, Jerry Pair, Donghia, and
Edelman Leather. Lure Media will continue to service this
market and develop significant enhancements to the IMPACT
product suite.
ETERIORS will lower operating
costs, enhance profitability and improve customer service
levels by eliminating the inefficiencies of phone, fax and
mail communications between manufacturers, their showroom
distributors and interior design professionals. A dedicated
communications channel will generate significant efficiency
gains and shorter purchasing cycles by connecting
manufacturers with their representative showroom executives
and automating product ordering, status and tracking.
Streamlined communications will allow companies to reallocate
the time that sales personnel currently spend on
administrative account management activities to more revenue-
generating activities.
A secure electronic exchange,
ETERIORS will be fully integrated with the suite of advanced
IMPACT enterprise solutions, connecting designers, showrooms,
manufacturers and their trading partners to automate sourcing,
supply chain workflow and transaction management.
"Lure Media will leverage the
IMPACT ERP applications and their adoption by market leaders
to create the definitive exchange and voice for the global
commercial and residential interior design industry", said
Margit Leger. "We are developing an industrial-strength
infrastructure to support the industry's need for
cross-business collaboration, instant information flow, and
common standards for data synchronization. ETERIORS will
deliver new levels of data accuracy and efficiency by enabling
global players to access product information through the most
comprehensive, cost effective resource on the market."
"The backing of Garage
Technology Venture," said Gordon Haight, "will give Lure Media
the financial support the company needs to expand operations
in North America and internationally. It is also a solid
validation of the efforts made by the technical, management
and executive teams of IMPACT I.S. Their tenacity and vision
has been rewarded."
About Lure Media, Inc.
Headquartered in Montreal,
Canada, with offices in San Francisco, Lure Media, Inc. is a
leading technology provider of ERP and web-based applications
for the global commercial and residential interior design
industry. Lure Media's portfolio of advanced business
management and supply chain offerings includes rich media,
digital marketing, business intelligence, and advertising
solutions to over 1200 customers globally. For more
information, visit: www.luremediagroup.com.
About Garage Ventures Canada
Garage Technology Ventures
Canada is a Montreal-based seed-stage and early-stage venture
capital fund focused on investing in Canadian technology
startups with strong intellectual property and disruptive or
market-shaping potential in global markets. Garage Canada is
the exclusive Canadian affiliate of Garage Technology Ventures
(Palo Alto, California). For more information, visit:
www.garagecanada.com.
Contact:
Brian McGlynn
Lure Media, Inc.
Office: +1 514.844.4445
Fax: +1 514.844.4443
brian.mcglynn@luremediagroup.com
Source: Lure Media, Inc.
CONTACT: Brian McGlynn of
Lure Media, Inc., +1-514-844-4445, Fax:
+1-514-844-4443,
brian.mcglynn@luremediagroup.com
Web site:
http://www.luremediagroup.com/
http://www.garagecanada.com/ |
