Photizo Group, a Midway company specializing in research for the printer and imaging industry, announced Tuesday that it has acquired Lyra Research, another information provider in the field.
"Lyra has had a very strong reputation in the hardware and supplies side of the industry, and we've always been strong in the services side," Photizo Group founder Ed Crowley said. "Going back to a year or two after starting the company, I had clients saying, 'You ought to do something with Lyra. You have complementary services and almost no overlap."
Financial terms were not disclosed. The companies intend to continue operating in their present locations; Lyra is based in Newton, Mass., a suburb of Boston. Both also will keep their same brand names and existing products, Crowley said.
Acquisition talks began in April, said Crowley, who has used Lyra's products since about the time of its inception 20 years ago, when he was working for Texas Instruments. Crowley's career eventually brought him to Lexington, where he worked for Lexmark International, before leaving and forming Photizo Group in 2006.
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Crowley will be chief executive of the combined organization, and Lyra's CEO, Frank Stefansson, will be chief operating officer.
In a statement, Stefansson echoed Crowley's remarks that clients had suggested the combined arrangement.
"We are very excited to now bring this idea to fruition with the union of our two companies," he said.