IPIX sheds marketing unit, announces plans to relocate headquarters
January 20, 2005
SAN RAMON, Calif.Ã¢â‚¬â€In a move to consolidate operations and focus business activities on the security market, publicly held IPIX has shed its online marketing division AdMission and announced plans to relocate its corporate offices to Vienna, Va., from here.
IPIX AdMission will be purchased through an employee buyout, funding in part by financing from Seattle-based private equity firm Swiftsure Capital. Moving forward, the privately held company will be known as AdMission Inc.
IPIX is a provider of 360-degree surveillance products for commercial and government customers. With headquarters in Vienna, the company will have a presence in the Washington area, giving it greater visibility in the government contract market.
The sale of AdMission, which is expected to close within the first quarter, includes IPIX retaining a minority stake in the business as well as attaining a seat on the newly formed AdMission Inc. board of directors. The company will continue to be based in San Ramon.
The move to shed a non-core entity came several months after Clara Conti took over the reins at IPIX as director, president and chief executive officer. Conti joined the company from ObjectVideo, a provider of intelligent video surveillance products, where she served as president and chief executive officer, beginning in 2001.
Ã¢â‚¬Å“IPIX has had a strong focus on both business sectors,Ã¢â‚¬Â said Sarah Pate, former executive vice president and general manager of IPIXÃ¢â‚¬â„¢s AdMission unit and now president and chief executive officer at AdMission Inc. Ã¢â‚¬Å“By splitting both companies, both companies can achieve their goals.Ã¢â‚¬Â
Pate had served as senior financial and operations officer for PictureWorks Technology, before the company merged with IPIX in early 2000. PictureWorks is the foundation on which AdMission was built over the years.
AdMission develops applications that enable on-line advertisements, including in newspaper classifieds, yellow pages and online directories. Its product portfolio includes AdMission Classifieds and AdMission Directories. One of its oldest customers is online retailer eBay.
Chief Financial Officer at IPIX Paul Farmer declined to make the transition to Vienna with the company. Farmer will continue in his position until a successor is identified.
IPIXÃ¢â‚¬â„¢s Oak Ridge, Tenn. facility will not be affected by the relocation.
For more on this story, see the March issue of Security Systems News.