Mufreesboro, Tenn-based Audax was founded two years and is a similar, if smaller, regional version of InnerWorkings, boasting a similar goal of eliminating inefficiencies by better matching jobs with print facilities.

According to reports Audax had annual sales of just between $3m and $4.5m. Neither InnerWorkings or Audax would comment on the deal or its details. But George Sutton, managing director and senior research analyst covering business service and software with Minneapolis-based Craig Hallum Capital Group told PrintWeek, "The Audax acquisition is a classic 'tuck-in' for Innerworkings. We would expect this to provide a stronger regional sales base along with some additional vendors."

Sutton continued: "We believe InnerWorkings continues to rapidly gain share through both new enterprise wins and similar add-on acquisitions. The combined print spend for large corporations is finally coming under scrutiny, creating an attractive growth dynamic for the print outsourcing trend, of which InnerWorkings is the leader."

InnerWorkings generated more than $482m in revenues last year, up 20% on 2009, and has been aggressively expanding both in the US and internationally. In February it purchased Santiago, Chile-based CPRO, which generated more than $22m in print related revenues in 2009.

In a note to investors last month, Sutton noted, "Innerworkings continues to prove out its enterprise growth model and now can point to its successful efforts to turn around its previously struggling transactional segment as well."

It added that it believed the company was reaching late stage discussions with "a number of the world's largest branded product companies" which was driving InnerWorkings to look at international expansion to match this new customer footprint.