Red Ventures, the Internet marketing firm based in Indian Land, S.C., said Thursday that it has completed its $310 million purchase of the marketing services firm Imagitas, which facilitates change of address requests for the U.S. Postal Service.
Red Ventures had announced this month that it signed a definitive agreement to buy Imagitas from Pitney Bowes, a Stamford, Conn.-based e-commerce company that provides shipping and mailing products and customer engagement insight.
From its campus across the state line from Ballantyne, Red Ventures offers digital marketing services for clients across a number of industries, including consumer home services, insurance, energy, financial services and software.
This is the first major acquisition for Red Ventures, which has done the bulk of its growth organically. The majority of employees now come through referrals, CEO Ric Elias told the Observer, and that’s a healthy sign for the company’s growth opportunities.
Digital Access for only $0.99
For the most comprehensive local coverage, subscribe today.
Year to date, Elias said, the privately held company’s sales are up 30 percent, and its employee base has grown 24 percent. By the end of the year, the company’s facilities will run out of space, he added, so it will have to “move some dirt.”
“Investments like Imagitas are the kinds of investments that will ensure our growth over a sustainable period of time,” Elias said.
The local business environment, Elias added, makes bottom-up growth possible as well.
“The Charlotte region has a lot of great things going for it, and we are a beneficiary of it. The population growth here provides almost an evergreen supply of talent,” Elias said.
Red Ventures employs about 2,300 people between its Indian Land headquarters and its office in the University City area. Imagitas is headquartered in Waltham, Mass., right outside Boston, and employs about 115 people.