XOR Inc., Seurat Get Funding for MergerXOR Inc., an eBusiness outsourcing services provider headquartered in Boulder, CO, and Seurat Company, Boston, a customer relationship management and marking strategy services firm, announced Friday that they have received $25 million in funding commitments from Chicago-based private equity firm Frontenac Company to merge.
The new company will combine the core services of each company, retain the Seurat Company name, and be headquartered in Boulder.
The original Seurat specialized in customer relationship management strategy and implementation. The new Seurat will use XOR's Internet technologies to provide Seurat Suite, a solution that manages customer data across multiple products and brands, and uses that data to drive more effective marketing programs.
Current chief executive officer 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.
Together, XOR and Seurat serve more than 200 companies operating around the world, including 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. The company will be poised to achieve revenue over $100 million in 2003.