Making Breakthrough Ideas a Reality

Imaginet Celebrates Anniversary, Tripling of Revenue - Company Secures Additional Capital; Lands New Healthcare Account

Business Wire - May 12, 2000

Minneapolis-based Imaginet LLC - an e-Services consultancy - announced today that it has secured a $2.5 million credit line from Century Bank to fuel growth, expand infrastructure and increase capacity as it enters its second year as an independent company. It also is experiencing strong revenues, and a growing portfolio of business-to-business and business-to-consumer accounts, including a large new healthcare account.

Imaginet is riding the e-Business boom with its strategy, design, development and promotion services. In 1999, the company's revenues were approximately $4 million. It is currently enjoying an annual run rate of more than $12 million. The privately held company was bought back from Imation by its management team, in partnership with Gage Marketing Group, in March of 1999.

Imaginet CEO Scott Litman said, "Our clients tell us that they are choosing Imaginet, because of our team's industry experience and our ability to deliver solutions that set them apart from their competition. We are continually winning accounts over other national players from the east and west coasts because of the experience and character of our people and the strength of our work."

Marking the one-year anniversary, Dan Mallin, co-founder and COO announced a milestone revenue achievement. Mallin said, "We have been able to grow our client list, broaden and deepen our staffing profile, and we smashed through our first million-dollar month in March. It's a tremendous achievement for everyone at Imaginet and a testament to the commitment of our team." Advertisement

Litman said, "We're not only growing as a company, but the typical size of our accounts have been multi-million dollar engagements. Right now we're working intensively on four different initiatives with launches throughout the next 60 days."

Imaginet is an e-Services consultancy firm. Imaginet's "Convergence for e-Business" brings together all the critical pieces of e-Business - technology, design and business practices - to help companies successfully create and manage new electronic business channels. The company collaborates with other leading technology and marketing companies around the country including Gage Marketing, IBM and Vignette to provide the best expertise to solve critical business needs for today and tomorrow.

Originally founded in 1991 and re-launched in 1999, Imaginet was Internet-focused before the Web emerged. This strong foundation, coupled with continued evolution, has enabled the company to stay ahead of the marketplace so it can strategically counsel clients for the most effective business solutions. Based in Minneapolis, the company employs 65 Internet professionals who are experts in technology and e-commerce. Clients include: Dain Rauscher,, Goodyear, The St. Paul Companies and Select Comfort.

COPYRIGHT 2000 Business Wire
COPYRIGHT 2000 Gale Group