Last Updated on March 3, 2022 by Ithos Global Regulatory Team
Ithos is pleased to announce that it has been acquired by Cordance. The new relationship creates the opportunity for Ithos Global to tap the operational expertise of the Cordance team and financial resources to scale the company more quickly.
“We pursued the Ithos Global acquisition because of the huge opportunities for expansion in its market,” says John Bennett, CEO at Cordance, based in Raleigh, NC. “We’re eager to start working to accelerate its near- and long-term growth potential.”
Ken Bubeck (pictured), founder and CEO, launched Ithos Global in 2009. Today, the company, headquartered in Troy, NY, has 25 employees around the country and is hiring.
“We continue to attract new and larger cosmetic brands because we deliver effective technology solutions with unparalleled service and expertise,” says Bubeck. “Cordance truly recognized our value and the prospect to grow our market share in the cosmetics industry. We are grateful to join its family of companies. The Ithos Global team will continue to serve its customers as it works with Cordance to enhance customer service, expand its technology offerings and grow to serve more clients.”
Below, Ken talks about this important step for the company:
Why did Ithos choose to be acquired? This was always part of our long-term growth strategy, and we had been talking with investors and private equity firms. When Cordance approached us, we knew it was the right fit. They were seeking niche companies with high growth potential. We are expanding quickly. With their resources and operational expertise we can continue that trajectory while ensuring we are giving the best possible service and value to our customers.
Do you see a growing need for the cosmetic compliance solutions you offer? Absolutely. The pace that countries are updating regulations has really picked up over the past five years. You’re seeing a global emphasis on cleaner, greener products. At the same time, better smartphone cameras and the explosion of social media mean more emphasis on appearance and more celebrities launching their own lines. Our technology makes compliance easier, but we also have a team with the experience to guide a brand to expand in new markets faster.
Why does Ithos focus on small to medium size brands? Larger companies have an in-house team managing compliance. But smaller start-ups and indie brands – they don’t have the budget to hire someone full-time. We get it. We’re a start-up, too. So, we offer flexible solutions that can grow with the company. We can help with the product compliance information; we can help with the consultative work that they need; and we also help get their products registered internationally.
What’s next? We want to grow – and that means not only serving more customers, but providing more products and services to help our existing customers expand their footprint. Cordance is helping us do both at the same time. We’re expanding our team, putting systems in place, making improvements and developing new products.
If you’re an Ithos customer, you know we really listen. Our Formul8 product is a perfect example. Now, we can help companies ensure they are compliant at formulation. We also recently added Document Manager to the IIN Limited subscription because we were seeing more need for that capability. Our team is proud to be part of the Cordance family of companies and excited about the doors this partnership is opening for Ithos.