Business: eCopy Inc. makes software that allows users to reproduce documents and send them either directly from a copier or via fax, e-mail or network.
Founded: It was formed as Simplify Development Corp. in 1992.
Headquarters: Nashua, N.H.
Employees: About 130 and looking to hire more.
Most recent capital raised: $15.8M, a Series B round in December 2002.
VC raised to date: $21.8M
Investors: Canon Inc. was the sole investor in the Series B. In the Series A, investors included Ascent Venture Partners and Landmark Partners.
VC Directors on Board: Walter Dick with Ascent Venture Partners.
Notable: Named one of the fastest growing companies in North America in the Deloitte Technology Fast 500 in 2003.
Clients: AOL/Time Warner, Boeing, CNBC, GE, Heineken, NYU, Novartis and Volkswagen. The company’s products and services are especially popular with attorneys, as numerous law firms worldwide use eCopy’s products.
Financials: Reported $16.9M in revenue in 2002, according to the Deloitte survey.
Industry Background: Over the past decade, corporate offices have changed as more printers have begun to do the work of bulkier copiers. “Driving this change has been the increased availability and accessibility of electronic documents, and simultaneously the improved ability to share them,” says Dan Corsetti, research analyst with IDC.
For example, in the past, to send a presentation to 50 offices in a large corporation, you were likely to make 50 copies and book an overnight delivery. Using eCopy, you can copy an electronic attachment to 50 email addresses and let the recipients print out the file themselves.
Competition: Industry behemoths, such as Xerox, Hewlett-Packard, Sharp, Konica Minolta and Ricoh and a handful of smaller vendors, such as EFI.
Future plans: eCopy has had a development and marketing relationship with Canon since 1996. But after the 2002 funding, the relationship expanded for both. Canon announced that its investment in eCopy would help it to penetrate the document distribution marketplace. The investment also provided for more integration of eCopy with Canon hardware and software.
Current Status: “Our product has evolved,” says Edward Schmid, president of eCopy. “We’ve been developing connectors, which allows corporations to incorporate paper-based information into content management electronic system.”
eCopy started shipping connectors last July and expects them to contribute about 10% of total revenue over the next 12 months. Only a few other companies offer something similar to connectors, says Corsetti of IDC.
“We’ve been growing in the 40 percent to 50 percent range every year,” says Schmid.
That growth is not surprising. In 2002, more than 40% of all black-and-white copiers connected for printing to a standalone workstation or network also included scanning functionality, according to IDC. This is expected to increase to 62% of devices by 2007.