Apprise’s Canon Communications Reports Significant Revenue and Profit Growth
Attributes success to expanding Canon’s market coverage worldwide.
Despite its private-company status, Canon Communications, a platform company within private equity-backed Apprise Media, has released limited figures from its fiscal year 2007 financials. The company announced revenues are up 22 percent and EBITDA is up 34 percent versus fiscal 2006. Apprise CEO Charles McCurdy bought Canon in 2005 from Veronis Suhler Stevenson for about $200 million on revenues of $60 million.
McCurdy says that aside from an aggressive acquisition and organic growth strategy, much of the growth can be attributed to a decision to broaden the company’s North American-focus on the medical device design and manufacturing market to a broader, international market of advanced manufacturing. "We really just took it to its next logical step," says McCurdy, "which was a big one, and moved from the North American medical device market, which is a $190 billion industry, to the worldwide advanced manufacturing market, which is a $3 trillion industry. Suddenly our target is 15 times bigger."
The company’s event and online platforms have made the most significant revenue and profit gains. Fiscal 2007 event revenue and profit are each up more than 50 percent over fiscal 2005, according to the release. Digital growth was more than 45 percent and currently accounts for 20 percent of advertising revenue in Canon’s medical device manufacturing sector.