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XOR Inc. and Seurat to Merge, Receive $25 Million In Funding
BOULDER, Colo. and BOSTON, Mass. – April 4, 2002 – Privately-held XOR and Seurat today announced that they have received $25 million in funding commitments from Chicago-based private equity firm Frontenac Company to merge and specialize in MRM.
The new firm will combine the core services of each company, retain the Seurat Company name, and be headquartered in Boulder, Colorado.
Current chief executive officer (CEO) of XOR Inc., John Oltman, will head the new Seurat Company as chairman and CEO. Jonathan Spector, CEO of the original Seurat Company, will become chief operating officer, overseeing all aspects of client delivery, business development, and offering development.
Together, XOR and Seurat serve more than 200 companies, among them Procter & Gamble, Avis, Bank One, Home Shopping Network, RE/MAX International, ConAgra Foods, Black & Decker, and CITGO. The new Seurat Company will have over 400 employees in nine North American offices, with local support for global clients operating in Europe and Asia.
"Increasingly, enterprises will look to business transformation outsourcing as a cost-effective, low-risk way to leapfrog to best practices in marketing and CRM," said Paul Carbery, a Frontenac managing partner.
"Our analysis told us that spending on these types of services will exceed $100b by 2005. XOR and Seurat Company have strong reputations in their respective areas and are the perfect complement in helping us bring this model to market."
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