Accel-KKR, iTradeNetwork and Amphire Announce Completion of Merger
Accel-KKR-Facilitated Transaction Builds Leading Global Foodservice, Retail Grocery, Hospitality and Healthcare Industry Supply Chain Network
MENLO PARK and PLEASANTON, CA, - October 1, 2008
Accel-KKR, iTradeNetwork Inc. (ITN) and Amphire® 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."
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