Panstoria is the developer of award-winning Artisan digital scrapbooking software and Historian photo management and editing software, both of which are targeted to the consumer market.
“There is incredible fit between our two companies,” Meakem said. “We believe there are many members of Forever who have been taking advantage of our permanent, shareable storage service and saving their memories that way, who would benefit from using the Panstoria software to create detailed scrapbooks.”
Panstoria will become a wholly-owned subsidiary of Forever but will continue to operate under its own brand name from its office in Moraine. Panstoria’s two co-owners and full-time employees — Chief Executive Mike Carroll and Chief Technical Officer Paul Schweizer — will become shareholders in Forever.
“Not only does Forever share Panstoria’s passion for helping people preserve and share their memories, but Forever is also a well-funded, growing company with an experienced management team,” Carroll said.
Meakem is a Pittsburgh venture capitalist who founded FreeMarkets Inc., a business-to-business online auction site that he sold to Ariba in 2004 for nearly $500 million. He launched Forever.com in August 2013 and has raised more than $18 million in funding for the cloud-based digital storage site.
“There is a huge market we are addressing together,” Meakem said.
Forever had revenues of $215,000 in 2013. Meakem said the combined companies are expected to have revenues of $1 million this year, and $5 million in 2015.
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