Printing procurement company InnerWorkings Inc. (INWK) is acquiring Latin American counterpart CPRO Services Ltd. in a move the company's chief executive said enables it to support clients with business in that region of the globe.

Terms of the deal weren't announced, though InnerWorkings President and CEO Eric Belcher said the acquisition is premised on a three-year earnout whereby privately held CPRO's financial performance determines whether the full proceeds of the deal are paid out.

"It's not a transaction where all the proceeds are placed down on day one," Belcher told Dow Jones Newswires. "It's a good long-term joint partnership, with the incentives are properly aligned."

Chicago's InnerWorkings is in the niche business of procuring and managing printing of brochures, packaging, direct mail and a range of other commercial printed materials for companies like Unilever North America (UN, UL) and Internet grocer Peapod. Santiago, Chile-based CPRO, which lists Nestle SA (NESN.VX) and Procter & Gamble Co. (PG) among clients, is active in 12 countries in South and Central America. CPRO had revenue of $22 million in 2009, according to a statement by InnerWorkings.

Belcher said the deal responds to clients' demand for services in Latin America that are comparable to InnerWorkings' U.S. and European offerings.

-By Brendan Conway, Dow Jones Newswires; 212-416-2670; brendan.conway@dowjones.com
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