RALEIGH, N.C., Oct. 11, 2022 (GLOBE NEWSWIRE) -- ImageQuix (or the “Company”), a leading provider of workflow and ecommerce software for the high-volume photography industry, is pleased to announce that Charlesbank Technology Opportunities Fund, a fund managed by Charlesbank Capital Partners (“Charlesbank”), has made a majority investment in the Company. Charlesbank is an experienced middle-market private investment firm based in Boston and New York. ImageQuix CEO Alex Kovacevic and management will remain shareholders alongside Charlesbank. The funding will assist ImageQuix in accelerating the expansion of its business both organically and through M&A.
ImageQuix primarily serves schools for their annual picture days, sports photos and senior portraits. It digitizes the photographer’s end-to-end workflow, including photo capture and organization, customization and package creation, and follow-up marketing, payment and integration with fulfilment partners.
With its unique integration of workflow management and ecommerce capabilities, ImageQuix has been pioneering technological adoption in the space through the pandemic, as photography studios transitioned to a fully online workflow. The Company has gained market share with its sophisticated functionality and ability to enhance the consumer experience and provide a better assortment of products at the best prices.
“With ASG as our outstanding partner since 2018, we have seen impressive growth both organically and with strategic M&A,” said Alex Kovacevic, CEO of ImageQuix. “By building out the product offering and our amazing team, we are now a market-leading provider of high-volume photography software. We are thankful for ASG’s partnership, and we’re thrilled to be writing our next chapter of growth with Charlesbank. Their strategic expertise and experience scaling enterprise software companies like ours will be critical as we continue to deliver on our promise to help photo studios of all sizes grow their businesses and provide outstanding pictures to their customers.”
Mayur Desai, Managing Director at Charlesbank, said, “We believe ImageQuix offers a premier digital delivery and engagement solution for high-volume photography, leading to happier photographers and consumers. We see ample opportunity to capitalize on the e-commerce trend and the shift in consumer spending on experiences over physical products. We look forward to working with Alex and his experienced team to promote continued strategic growth and innovation at the Company.”
Steve Reardon, CEO of ASG, added, “ImageQuix has been an amazing business to own and grow, and we’re incredibly proud of what we’ve built together with this team these past four years. Alex’s focus on customers and creating a leading team and product has created a very strong business proposition for ImageQuix and positioned them well to scale even further. We can’t wait to see what this team does in the future and their continued growth with Charlesbank.”
Mintz Levin Cohn Ferris Glovsky & Popeo acted as legal advisor to Charlesbank, and Willkie Farr & Gallagher LLP acted as legal counsel to ASG.