Private equity firm Apollo Global Management will take Rackspace private in the all-cash deal.
Artbeads.com seeks to bolster company with new executive and new positions for existing management to continue major growth.
After more than doubling sales last year, the Artbeads.com team is increasing and modifying its ranks to create an enhanced corporate infrastructure to further growth this year and beyond.
The company has added Drea Solan as vice president of operations. Solan formerly was assets manager/search data architect at stock photography giant Jupiter Images. Cynthia Kimura has been promoted to president and chief creativity officer, and Carey Kimura has been appointed vice president of sales and marketing. Co-owner and founder Devin Kimura will continue as CEO.
“In 2005 we learned that with the volume of sales we’re now achieving we need to bring in top-flight talent to help guide us to the next level,” CEO Kimura says. “Our main goal this year is to build a corporate infrastructure that will enable us to compete in a market where margins are being squeezed by increasingly competitive pricing and escalating costs.”
The company, No. 360 in the Internet Retailer Top 400 Guide to Retail Web Sites, sells beads, rhinestones, charms, pendants, jewelry components, stringing materials and other jewelry-making supplies. Its sales sparkled in 2005, growing 109% to $11.9 million from $5.8 million in 2004. The company predicts 2006 sales of $20 million.
Other strategies to boost growth this year include increasing paid search, polishing natural optimization and launching an affiliate marketing program through Commission Junction Inc. Artbeads.com also will build in-house a digital asset management system.