...investor summit. We have here joining us today, Andy Shape, Chief Executive Officer of Stran & Company, Inc, and we're thrilled to host them. We'll hold a Q&A session towards the end of the webcast. You can ask a question at any point during the presentation. Your mics are muted, so it is necessary to type your question into the Ask Question box on the left side of your screen for the team to address. Andy Shape, please take it away.
Great, thank you. My name is Andy Shape. I'm the CEO of Stran Promotional Solutions. We're an outsourced marketing provider that uses branded merchandise, promotional products, really anything physically branded with a company logo on it, to help our customers achieve their marketing goals, to build awareness, create loyalty, really affect behavior through giving people merchandise. As an example, if you look on the cover here, you can see faintly in the background ponchos that we created for the New York City Marathon that we've been doing since 2013, where we developed that poncho as a race day giveaway for when people finish the marathon. We produced them in China. We came up with the product, how to develop it.
We produced it, we import it from China, we deliver it to Central Park and help distribute that on marathon Sunday in the fall every year in New York, so we've been doing that since two thousand and thirteen. We continue to do that, as well as other things for New York City Marathon and New York Road Runners, the organization that puts it on, so that's just to give perspective about what we do is giving away things like those ponchos or other organizations that give away large items or sell our items that are branded. Moving on, just a quick about forward-looking statements, some legal information here that I'll skip over quickly, but in terms of Stran and who we are, just wanted to give some investment highlights.
So we've been around. This is our thirtieth year, actually. We've been in business since nineteen ninety-four, and we're part of a very large industry. The promotional products industry is actually a $26 billion industry, where we've seen consistent growth through the past thirty years as a company, reaching last year just under $76 million with a Q4 revenue at $23.2 or $23.3 million. So we're a growing company. We're a leader in our space. Actually, we're number twenty, ranked twentieth in the company or in our industry by the PPA, Promotional Products Association International. And one of the things that differentiates us within our, within our space is the acquisition opportunity. We've executed five acquisitions for a while being public, which is really part of our growth strategy that I'll get into later.
But our current market leadership with the ability to do those acquisitions with a strong balance sheet that we have, where we have nearly $20 million in cash. At the end of June, we had $18.5 million in cash and short-term investments. So we have a very strong balance sheet positioned for growth to continue to grow our company. Next, in terms of our management team, I've been with the company since its founding. I'm the CEO. We have our CFO, who's been with us for over a dozen years, and then a host of other industry professionals. But we really are proud of the team that we built and who leads the company because we're really positioned to grow our company very well.
In terms of what we deliver, it's not just the products that we deliver, really what we consider ourselves as program managers using this type of merchandise to help our customers achieve their goals. It really starts with the product, but then we create a technology platform that enables our customers to access those products and do business with us much easier than our competition. That's one of the differentiators, is the right products, the right technology platform to give them that access to those products and how to distribute them effectively.
And then the third building block that we look at is really the fulfillment of that, the international distribution of taking those products and managing that supply chain, whether it's on demand or drop shipped out of inventory in our multiple warehouse locations, is really giving people the right product, giving access to that, and getting it to them efficiently, the right way, on time, every time. Additionally, pulling all that together with a comprehensive client service team that handles nuts and bolts, from creative to delivery, to providing additional information, which we talk about in five and six building blocks, is really getting that information to measure the ROI and to really integrate what we're doing with our customers' platforms so they can really understand the effectiveness of this type of advertising.
It's the only form of advertising that really gives to customers, and we're really excited about, you know, continuing to show our customers how they can use this form of advertising, which we feel trumps a lot of other forms of advertising because it's so effective. In terms of our timeline, I'll go through our brief history of our timeline. I won't go through everything, but as you can see, we started in nineteen ninety-four. You'll see some household names and some brands that you may recognize, where we continued to grow, do business with them, launch e-commerce platforms, do some creative programs for the likes of Coca-Cola and other large customers.
You know, something that I wanted to start talking about is starting in 2019, we won the US Census business, which is about a $20 million piece of business, and that really springboarded us to figure out what we're going to do, because that's a once in every ten year program that we had, but it was $20 million in revenue, so we had to replace that overnight. One of the ways we looked at doing that was through an acquisition of a company called Wildman Imprints. We did that shortly after the census in 2020, prior to us going public, and we realized that's an excellent way for us to continue our growth strategy, buy custom or buy different companies within our fragmented industry and really use that as a catalyst for future growth.
So you can see in 2021, in November, we went public. We ended up raising about $40 million between an IPO and a PIPE listed directly to Nasdaq, and then have since executed four other acquisitions of GAP, Trend, Premier, and T.R. Miller, all totaling over about $30 million. So we're really excited about that timeline and want to continue with that trajectory. In terms of you know, why we're positioned to deliver sustained value creation, is really we're trying to add value to the balance sheet and strong long term. We're part of the promotional products industry, which was $26 billion, but if we add in print, packaging, event assets, and loyalty, that turns out to a total addressable market of $406 billion. So very large, very fragmented.
We've seen tremendous growth within the last few years. So we've seen 28.7% growth from 2022 to 2023. So we've really seen our company grow quite a bit. We've essentially doubled in size, nearly doubled in size since we went public, through a revenue and also people perspective as well as customer base. So we have over 3,400-3,500 customers with over 2,000 total customers. As I'd mentioned, last year, we did just under $76 million in revenue. We've been in business for almost 30. This is our 30th year, with a strong balance sheet and over $30 million in acquisitions. And we've done all that while remaining, keeping our gross profit strong, right around the 30% gross profit margin.
Shifting gears a little bit to the promotional products industry itself. So it is a growing industry. It's a $26 billion industry, which a lot of people aren't aware of, but it's really one of the most highly regarded forms of advertising from a recipient. They receive a product, and they think favorably of a brand. So it's grown significantly, especially in the recent years, where people are inundated with other forms of advertising, whether that's direct emails, online advertisements, things that really get lost in the shuffle. When people step back and actually get something physical, either mailed, handed out or given to them, by the company, they really have a favorable brand of that.
So we see this form of advertising continue to be more effective because it's hard to digitize that experience, and that experience has really promoted the growth of the industry, and that's something that we that we think is going to continue throughout the years. Additionally, it's a highly fragmented industry. As I'd mentioned, it's a $26 billion industry, but there's almost 30,000 companies within this industry. Last year, we were ranked number 20 by PPAI and number 34 by ASI, so we're already an industry leader. The largest last year was a company called 4imprint with about a $1.3 billion in revenue last year. After that, it falls out. We're number 20, so it falls off very quickly.
As you can see, highly fragmented, and very competitive, very competitive landscape where we have a lot of differentiators. So if we look at the competitive landscape, in that industry fragmentation, what makes us different? And really, in addition to being one of the very few NASDAQ-listed companies, if not the only one that's strictly promotional products as their core business, what does make us different is our innovation, creativity, in the products that we provide, as well as how we approach our customers. We offer the latest technology that allows our customers to do business with us easier and more efficiently. And that technology and product offering that we have, we're very flexible.
Because of our supply chain management and history of having global network of service providers, that we're able to deliver a much better experience than most of our competitors since we've been in business as a leader for so long. Having that vision and strategy with the culture that we have, really is a winning combination that has helped us grow and will continue to help us grow within the future. In terms of our technology, I want to talk about our technology. We have currently over 280 online stores for our customers.
Those are stores where we manage those branded merchandise stores for our customers, whether that's B2B, B2C, or a combination of B2B and B2C, where consumers want to buy merchandise, but it's not necessarily their core offering, but we also help them promote their brands within their customer base, within their employees, and anybody else who's interested in really getting those products to help them market the brand. In addition to our storefront, which is built on Magento, we've invested significant and made significant investments into our front-end technology, but also our back-end technology for Oracle NetSuite, so that when orders come in, we're processing those orders efficiently and effectively so that we're using less human capital to do that through automation and advancements in technology.
And what all that does for us when we combine all those things together is what we call drive the competitive flywheel. So when we start offering more services to our customers, become more valuable, we become because we're offering more efficiencies, we're exposed to more incremental buyers, and really, we're delivering more value to our customers, so they start to increase more spend because they see what we're doing for them, and it starts to spread. So that flywheel starts to really speed up and become more competitive for Stran, as we start to do more for our customers, and they take advantage of all the different things that we have to offer. And then when we look at our competitive analysis within our industry, you know, we really break it down into a few different categories.
The online e-retailer, similar to like a 4imprint, I would argue that they absolutely compete with us for market share, but we have a much different go-to-market strategy. They're looking for more small to medium-sized business that are looking for a one-time buy, where we're more really like the program managers, where we find customers who really use this as a part of their marketing and advertising strategy, have a budget and use us to help execute that. The other options are a franchise model where really they may not be, you know, as consistent as we are, large and inflexible, where they're too large, that customers are just a number, and really they're just trying to get, you know, as much business as they can without understanding how to maximize the customer.
One that, where it's not their core offering, whether that's office supplies or print brokers or somebody who kind of says, "We can offer these products just as a side offering. Really, we don't necessarily see we compete on them." And then the final one, which is the largest within this industry, is the small mom and pops, where they may focus on service, but they don't have the creativity, the innovation, the technology advancements that we have, a clear strategy of being those program managers that we are, and then really have the financial backing and scalability that we have, which really is another valuable differentiator for us.
What we found when we've offered all that out to our customers is finding these very high-end, well-known customers that you can see on our customer list. We're very proud of this. Almost everyone on this list is not someone who just did business with us once, but we are one of their preferred, if not their preferred vendor, who has a technology platform inventory and really helps them move the needle on their marketing and branding initiatives, rather than just selling them products. We're really an extension of their brand. What we're really proud of is how well our customers have received who Stran is and how they promote us. Our Net Promoter Score is 74.
The Net Promoter Score was created by Bain, where they say anything over a twenty is really good, and anything over fifty is outstanding, and we're at a seventy-four. People that are, you know, over in the seventy-four are companies like Tesla or Netflix, things like that, so you know, we're really proud of our Net Promoter Score because our customers like doing business with us, and they promote it to other people, so it's really, you know, a badge of honor that we wear, that we're very proud of. Looking forward for the company, talking about how we're going to continue to grow, and really, we've been talking about doing this since we went public. This is what our strategy was. We feel like it's working.
We've done just about everything that we've talked about since we've gone public, which is, get more from our existing clients, so more penetration with those existing clients, adding new clients. So both of those you've seen from our organic growth that we've seen. Adding more offerings and more solutions, whether that's adding more advancements in loyalty, print, packaging, other services that we can integrate in with ours, as well as offering innovation and technology, whether that's creating more automation, advancements in applying AI to our presentations and how to make it more effective for our customers. We're always looking at advancements in technology. And finally, the largest one is more acquisitions. It's completing acquisitions that make sense.
And I'll go into our acquisition strategy right now that talks about what we're looking for and who we're looking for. So in terms of what we're looking for is to add geographic balance. So right now, our headquarters is in Quincy, Massachusetts, just outside of Boston. We have an office in Warsaw, Indiana, Houston, Texas, and South Carolina. We're looking to expand that even further. As well as adding smaller promotional products distributors who really might not have the resources that we have, that they can then apply. They may have a great company that maybe is in a $3 million-$5 million range, but they haven't been able to invest in their company because they don't have the resources that we have.
We can apply those resources and take that $3 million company to a $6-$10 million company within a short period of time by applying our resources and applying our capabilities to them to expand not only their existing client base, but to go finding more clients underneath their umbrella. So, you know, really looking forward to that, as well as adding packaging, loyalty, decoration, and event trade show capabilities to what we're offering as our core competencies as well. If we look back at how the acquisitions that we did in 2022, we did three acquisitions.
GAP, which was about a $7 million company based in Gloucester, Massachusetts, that was mainly in the beverage space, doing alcoholic and some non-alcoholic, but mainly alcoholic beverages for displays or giveaways for events or point of sale and point of purchase. Next was Trend from Trend Brand Solutions in Houston, Texas, which not only brought that geographical balance, but also has a fulfillment and warehousing operation down in Texas, which expands our capabilities into that region as well. And then Premier NYC, which is about a $2 million company, a smaller company, but very well-known within the professional services, legal and accounting businesses within New York, right outside of New York, so if you look at these acquisitions, they really all kind of serve the need.
But if you look at the way we're structuring them, we're really hedging them as very low cost with great upside if they're successful. So for GAP, we paid $500,000 in closing, plus $100,000 in stock, and then the balance, some fixed payments, but also an earn out. So we're putting a heavy emphasis on the earn out to ensure that the companies that we're buying continue to be successful under the Stran umbrella, and if they're not, we don't pay as much for them. So we really hedge that. And then our largest acquisition was done in June last year, just over a year ago, a company in Walpole, Massachusetts, T.R. Miller. So T.R. Miller had been around for 47 years.
When we first started our business, Stran, when I first started, we modeled ourselves after T.R. Miller and really looked up to them. So it was very special for us to go acquire them back in June 2023. And again, they did 19 million, and as you can see, you know, we're out paying a lot of upfront money for these businesses. Really, the way we structure that is, paying cash, stock, and excess working capital, plus an earn out, where we paid $1 million at closing, fixed payments of $1.1 million over the next four years. We also paid out the excess working capital, but also there was an earn out of 45% of the gross profit above $4 million, which essentially is that operating business just under their break-even point.
So anything over that, the previous owners will get an earn out on that, which gives them incentive to stay on board and ensure that really they have incentive to make sure that that's successful in years to come. And then incremental opportunities that we talked about, packaging, a $185 billion industry. The loyalty business is a minimum of $90 billion, the print is $83 billion. Our promotion we talked about $26 billion, and then adding in the trade show is another $22 billion. Now I want to shift gears a little bit and talk more about the financial highlights.
So the financial highlights is, as I mentioned, we've seen 28%, 28.7% growth in 2023, with over $76 million or with just under $76 million in revenue last year, with over 280 online stores and those acquisitions that we talk about. And this really looks to show, you know, really our accelerated and steady growth since 2017. So we've seen that growth. You can see since we've went public, it's really accelerated that even further. But we have a 25% compounded annual growth rate over the past five years. So, you know, we're really proud of that. We're looking to continue to grow the business.
If you look at also, you know, historically, we've continued to grow since our inception of almost 23% CAGR. We're really proud of that growth, and we're continuing on, planning on continuing that growth well into the future, so that our shareholders and myself included see the value in the business and really become a true leader as a, you know, multi-hundred million dollar company well into the future. Just to recap our investment highlights. We've been in business since 1994, so we're not a startup company. Prior to going public, we had always been public. We're part of a $26 billion growth industry. We've seen organic growth combined with acquisition growth.
I've been with the company since its inception, so, we're really excited about that, and continuing with the company. So, you know, we're really excited about the future of Stran. That will wrap it up, and I'm happy to take questions afterwards, but hopefully, this gives you a good idea of who we are, our growth trajectory, and who we intend to become. In terms of questions, I don't necessarily see any questions right now, so happy to wrap it up or wait a minute and see if any other questions come in.
Everyone, you can submit a question at this time by clicking on the Ask Question button on the left of your screen. Type your question into the box and hit the Send button to submit your question.
It doesn't sound like we have any questions. So with that, I think we'll wrap it up. Thank you for listening today, and look forward to showing more of what we can do for Strawn and adding value for our shareholders. Thank you.
Ladies and gentlemen, that does conclude the Stran and Company Inc. presentation. You may now disconnect. The next session will begin shortly. Please consult the conference agenda for the next presenting company.