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MENLO PARK--- Accel-KKR, iTradeNetwork and Amphire Announce Completion of Merger |
| 10/1/2008 @ 10:00 AM
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Accel-KKR, iTradeNetwork, Inc. (ITN) and Amphire(R) Solutions, Inc. today announced the completion of the merger between ITN and Amphire. The combined company, iTradeNetwork, will offer SaaS (Software as a Service) procurement and supply chain management solutions integrated with the Company's spend intelligence solutions. The merger enables ITN to deliver a comprehensive set of software applications to the food, hospitality and healthcare industries. Menlo Park-based Accel-KKR, a technology-focused private equity firm that first acquired a majority equity stake in iTradeNetwork in December 2007, facilitated this merger, as well as ITN's previous acquisition of Instill, a provider of spend intelligence solutions for the foodservice industry. Financial terms of the ITN-Amphire merger were not disclosed.
ITN, post merger, gains a next generation procurement platform for the foodservice, beer, wines and spirits, hospitality and healthcare industries. The Company will also have an established European operation with major customers (Bidvest/3663, Coors, Intercontinental Hotels, Real Hotels and Scottish and Newcastle) and the addition of significant U.S. and Canadian customers (ARAMARK, Bunzl, DMA, Gordon Food Service, IJ Company and MBM).
Robert Bonavito, founder and chief executive officer of iTradeNetwork, will serve as CEO of the combined company. Mark Barnekow, president and CEO of Amphire will serve as president of International with responsibility for international expansion, global marketing, strategy and merger and acquisitions. Both companies will plan to retain their senior leadership teams, and Accel-KKR will continue to hold a majority equity stake in the merged company.
"This merger is a natural fit, not only for our product offerings but for our current customers, prospects and employees," said Robert Bonavito, CEO of iTradeNetwork. "Many of our customers conduct business outside the U.S. and now we are able to offer them solutions for managing their global supply chains. Mark Barnekow's role will focus on driving international growth and introducing iTradeNetwork's solutions around the globe. Our entire organization, working together with our partners at Accel-KKR, are focused on capitalizing on our unparalleled scale and resources in this industry to build value for our customers and business partners."
Tom Barnds, Managing Director of Accel-KKR, said, "This marks an important step in a focused strategy aimed at building the preeminent player in the large market for software solutions targeted at the global food, hospitality and healthcare industries. Now, with the significant scale and resources as the industry's largest player, ITN is well-positioned to deploy its critical mass towards continued strong growth, both organically and through smaller selected acquisitions in its space. We look forward to continuing to work closely with Rob Bonavito and his senior management team to help them continue to execute their strategy and for ITN to be the technology standard for the industries which it serves."
About iTradeNetwork, Inc.
iTradeNetwork, Inc. (ITN), is the leading global provider of on-demand supply chain management and intelligence solutions to the food industry. Built upon deep industry expertise, a rich data foundation and the industry's most extensive trading partner network, ITN's collaborative solutions allow distributors, manufacturers, operators and retailers of all sizes to reduce cost, grow revenue and strengthen trading partner relationships. Today, ITN's growing customer list includes over 5,500 global companies such as Ben E. Keith, BidVest 3663, CKE Restaurants, ConAgra Foods, Inc., General Mills, Kroger, Independent Purchasing Cooperative (IPC) for SUBWAY(R), Intercontinental Hotels, Safeway, Sodexo and UniPro. ITN has offices in Pleasanton and San Mateo, California, Boise, Idaho and Stokenchurch, Great Britain. For more information, visit www.itradenetwork.com.
About Amphire Solutions, Inc.
Amphire Solutions provides global, end-to-end solutions to optimize the food, beverage and hospitality supply chains, helping companies manage and automate supply chain transactions and processes. Currently serving over 700 suppliers, 175 distributors and 100,000 operator end users, the company's products allow enterprises to address fundamental supply chain challenges such as transaction management, contract management, compliance, reporting and analytics, purchasing, and supply and demand forecasting with configurable and user friendly web-based solutions. Amphire customers have greater control and visibility into their business to make accurate decisions, build brand loyalty and improve cash flow. For more information, please visit www.amphire.com.
About Accel-KKR
Accel-KKR is a technology-focused private equity firm with over $1 billion in assets under management. The firm invests primarily in technology businesses with $15 million to $150 million in revenue that are well positioned for top-line and bottom-line growth. At the core of Accel-KKR's investment strategy is a commitment to developing strong partnerships with the management teams of its portfolio companies and a focus on building value through the significant resources available through the Accel-KKR network. Accel-KKR has a particular focus on buyouts and recapitalizations of family-owned or closely-held private companies, divisional buyouts of larger companies, and going-private transactions. For more information, please visit www.accel-kkr.com. |
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