Agilisys acquires top North American Automotive Rival – Future Three Software, Inc.
Atlanta, GA (June 10, 2003) – Agilisys International, the leading provider of supply chain management solutions for the automotive industry, announced today the acquisition of Future Three Software, Inc. The acquisition, which is the second for Agilisys this year, was financed through funds managed by Golden Gate Capital and Parallax Capital Partners in conjunction with Future Three’s previous investor Summit Partners.
“This acquisition expands Agilisys Automotive’s market share in North America and allows us to concentrate on our customers’ unique automotive requirements,” said Ken Walters, President and COO of Agilisys.
The merger of these two industry leaders brings together two of the best automotive supply chain solutions available, creating a comprehensive suite of global solutions that meet the stringent requirements of the automotive industry. These solutions support a variety of technology platforms and ERP systems to provide unparalleled flexibility and scalability, allowing Agilisys to meet the increasing need for vendors who can effectively address industry-specific requirements.
“The Future Three acquisition is consistent with Agilisys’ growth strategy of acquiring high-value brands with deep vertical expertise and long-term direction,” said Jim Schaper, Chairman and CEO of Agilisys. “It significantly increases our leadership in the automotive industry.”
Headquartered in Northville, MI, Future Three has a large, stable customer base and a long history of delivering supply chain management solutions for automotive suppliers. The addition of Future Three’s approximately 400 automotive installations to the Agilisys Automotive customer base cements Agilisys’ footprint in the industry, bringing its total number of automotive installations to over 2,400 worldwide.
“This acquisition will provide the strategic global footprint that Future Three customers require,” said John Flavin, CEO of Future Three.
About Golden Gate Capital
About the investors Golden Gate Capital (http://www.goldengatecap.com) is a San Francisco-based private equity investment firm with approximately $700 million of capital under management. Golden Gate is dedicated to partnering with world-class management teams to invest in change-intensive, growth businesses. They target investments of up to $100 million in situations where there is a demonstrable opportunity to significantly enhance a company’s value. The principals of Golden Gate have a long and successful history of investing with management partners across a wide range of industries and transaction types, and in particular, have been very active in the enterprise software market. For more information, visit www.goldengatecap.com.
About Parallax Capital Partners
Parallax Capital Partners, LLC is a private investment firm that dedicates its resources to the acquisition and management of technology related businesses. Parallax focuses on companies that generate revenues of between $10 and $100 million of revenue that require capital to either expand their existing business, make strategic acquisitions, or plan for ownership succession. In the Parallax commitment to building long-term value throughout companies, Parallax has established an extensive operational infrastructure which includes an active data center, functions such as accounting and finance, worldwide sales and marketing, research and development, customer support and human resources. Together, Parallax and its partners have participated in over 200 transactions ranging in size from $5 million to over $1 billion. For more information, visit www.parallaxcap.com.
About Summit Partners
Summit Partners is a leading global venture capital and private equity firm. The firm has a capital base in excess of $5.0 billion and offices in Boston, London, and Palo Alto. Formed in 1984, Summit has provided growth equity capital to more than 230 companies which have completed more than 100 initial and follow-on public offerings and more than 75 mergers and acquisitions. For more information, visit www.summitpartners.com.
About About Agilisys
Agilisys is a global provider of business solutions to the manufacturing industries. What sets Agilisys apart is our deep focus on selected verticals, which translates directly into value and competitive advantage for our customers. The Agilisys solutions are best-in-class, industry-specific solutions that provide collaborative supply chain planning, Internet commerce, relationship management, and ERP capabilities to serve select industries including automotive, food, beverage, chemical, pharmaceutical, consumer packaged goods, and biotechnology. Agilisys provides business solutions to some of the world’s best-known and respected companies and brands, including TRW, ArvinMeritor, TI Automotive Group, Magna International, Siemens Automotive Systems, Faurecia and Meridian, Denso, Dana, Cargill, Unilever, Heinz, Heineken, Godiva, Organon, Valvoline, GlaxoSmithKline, Bristol Myers Squibb. For more information, visit www.agilisys.com.