Responding to customer desires for more automated business processes, Bitstream, Inc. announced that it has agreed to acquire substantially all of the assets of Press-sense Ltd. for $6.5 million in cash and the assumption of liabilities related to deferred revenue. Based in Israel, Press-sense is a leading developer of business flow automation systems. The Press-sense business will complement and expand Bitstream's Pageflex product line of enterprise brand management and Web-to-print solutions to create an end-to-end offering of business management tools. By fully automating the creation, production, and back-office processes for document orders, Bitstream will provide the tools to enable its customers to maximize production efficiency, monitor and reduce costs, and increase profits.

A privately-held company founded in 2001 and funded over the years by several venture capital firms, Press-sense has become a dominant solution provider at the intersection of Web-to-print and MIS. The company's flagship Press-sense iWay print-on-demand workflow and management solution has been adopted as the sole OEM web-to-print solution by major digital print manufacturers, including Xerox Corporation, Hewlett-Packard, and Océ, resulting in an installed base of more than 1,500 customers in North America, Europe, and Asia Pacific. There is very little overlap between the customer base of Bitstream and Press-sense, so there is great opportunity for up-selling and cross-selling products throughout the combined customer bases.

Bitstream will continue to support Press-senses' existing customers and OEM partners, including the Indigo division of Hewlett-Packard, Océ, and Xerox, all of whom private label Press-sense software for distribution to their digital print customers and have expressed their support of the acquisition.

Press-sense is based in a high-tech development center outside of Tel Aviv, Israel. Bitstream will maintain an office in Israel, which will include product development, sales, and customer support capabilities. The Israel office will allow Bitstream to expand its real-time support for existing customers in Europe, the Middle East, and Africa (EMEA).

Bitstream plans to continue to develop and expand the Press-sense iWay and Press-sense Manager products. The company will explore integration opportunities between Pageflex Storefront, the company's Web-to-print offering, and the complementary Press-sense products.

Pageflex will be exhibiting May 18 - 25 at the IPEX Exhibition in Birmingham, U.K. Representatives will be available to discuss the asset acquisition in the Pageflex booth located in Hall 12, Stand C-100.