MARINA DEL REY, CA - February 20th, 2008 - Guidance today announced that Jason Meugniot, CEO and Jon Provisor, CTO have purchased the company from its original founders. The sale was completed on January 30. Terms were not disclosed.
Both Meugniot and Provisor have been with Guidance for almost 10 years and have shared full control over day-to-day operations since 2003. As owners, they plan to pursue a new growth strategy while delivering exceptional value to its portfolio of clients.
"This is personal for both me and Jon - we love the company, our employees and clients, and we're thrilled to be in control over our future direction," said Meugniot. "The founders - each of them good friends of mine for many years - created an amazingly successful company. And to me it says a lot that they would sell it to us and give us the chance to steer Guidance forward."
Guidance employees and clients will not be affected by the transaction. According to Meugniot, the company's focus remains the same: to help companies seize opportunities and solve problems through the innovative and practical use of technology. Guidance will still provide leading expertise in e-Commerce, business intelligence and managed services, for clients like Foot Locker, Z Gallerie, Bentley Prince Street, GEARYS Beverly Hills, Relax the Back, Salvation Army, and many others.
Provisor explained that Guidance will now be in a position to consider investments in research and development and hiring more staff, and to examine the potential for mergers and acquisitions, as appropriate.
"This is an exciting step for us as we've put our hearts and souls into Guidance over the past several years," said Provisor. "It opens up so many possibilities for growth, and that benefits everyone we work with."
Original founders Joe Tang, T.K. Pillan and Vijay Kotrappa launched Guidance in 1993. Tang and Kotrappa plan to remain as minority shareholders.
"Both Jason and Jon believe in Guidance enough to purchase the company - that should say a lot about their commitment to the company's employees, clients and business partners," said Tang. "The only reason we considered selling was to give the team that's in place now the same chance we had - as original founders - to take ownership of Guidance, continue building on its achievements and reap the rewards of having a stake in your own company's success."
Since 1993, Guidance (www.guidance.com) has helped companies seize opportunities and solve problems through the innovative and practical use of technology. Guidance designs, builds and maintains eCommerce websites for retailers that are pure-play online or multi-channel – creating captivating experiences so consumers will buy more, come back often and value greater engagement with the retailer. Guidance's systems facilitate $500 million in online sales every year. Members of the Guidance team are seasoned professionals, passionately committed to providing technical leadership and powering ingenuity. Key clients include Foot Locker, GEARYS Beverly Hills, Relax the Back, Salvation Army, and many others. Partners include: Microsoft, AspDotNetStorefront, Mediachase and Telligent. Guidance is based in Marina del Rey, Calif.
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