A growing Twin Cities company that makes apps for sending digital cards and other customized communications has been acquired by North Mankato-based Taylor Corporation, one of Minnesota’s 20 largest private companies.
Taylor said Wednesday that it struck a deal to buy Minneapolis-based Red Stamp, which will become part of Taylor’s business unit called The Occasions Group. Financial terms of the deal were not disclosed, and Red Stamp spokeswoman Lindsay DiLorenzo said the transaction recently closed.
Red Stamp, which was founded eight years ago, initially focused on stationery but about a year-and-a-half ago shifted its model to focus on mobile technology. Its app allows users to design templates to personalize digital communications and send customized photo cards, notes, and invitations via e-mail, text, Twitter, Facebook, or traditional mail. The app contains free features as well as design collections that are sold for a fee—and the company says it has attracted roughly 1.25 million users.
Red Stamp will retain its brand name, website, and offerings following the acquisition, Taylor said. Its five employees all joined Taylor, and the company is “actively recruiting key technical hires,” DiLorenzo said.
Earlier this year, Red Stamp was ranked among Entrepreneur magazine’s “100 brilliant companies.” The company told Twin Cities Business at the time that Red Stamp was promoting a custom design collection that caters to small businesses and entrepreneurs, among other new projects.
Taylor has more than 80 subsidiaries and 9,000 employees and provides a variety of interactive, printing, and marketing services. Its business unit The Occasions Group offers a variety of services for special occasions and events, ranging from party invitations to napkins.
Mike Provenzano, president of The Occasions Group, said in a statement that the Red Stamp acquisition provides the company with “a leading mobile app offering personalized communications directly from your mobile device.”
“The Red Stamp app is a top 1 percent lifestyle app in the Apple Store, and we are excited to have them as part of our team,” Provenzano said. “Red Stamp brings a top-notch mobile experience that will blend well with our long-standing experience and offerings in the printed social stationery and communications arena, furthering our goal to be the first choice in personalized communications for life events.”
“We look forward to introducing many new offerings to our existing clients and serving new ones as we continue to evolve the social correspondence space,” Red Stamp CEO and cofounder Erin Newkirk said.