Carpinteria, Calif. September 20, 2006 QAD Inc., announced that it has acquired Dublin,
Ireland-based Precision Software Limited. Precision, a leading provider of transportation management software solutions across multiple industries, including QAD's manufacturing verticals. Approximately half of the all-cash purchase price consideration was paid at closing onSeptember 20, 2006, with the remainder expected to be paid over a two-year period. The total price consideration is expected to be approximately $14.5 million. Precision will operate as an independent division of QAD.
We are very pleased to add Precision Software's talent and technology to QAD. The valued partnership between our two companies has long benefited our many mutual customers, and the synergies created by this new combination will help further improve our customers' competitive advantage, said QAD Chairman and President Pamela M. Lopker. The acquisition marks another important step in QAD's strategy of expanding our capabilities and offerings to bring manufacturing customers a more complete solution to help them thrive as global enterprises. By delivering an enhanced transportation management system that integrates seamlessly with QAD Enterprise Applications and other ERP solutions, we're bringing customers one step closer to the perfect lean market we envision in global manufacturing.
Founded more than 20 years ago, Precision supplies transportation management software systems, including global trade management and international regulatory compliance solutions, to more than 900 customer sites in 55 countries. Since 1996, QAD and Precision have partnered to provide customers with certified interfaces that meet industry applications standards, certified and trained implementation teams and complete third-party integration. QAD will now be able to offer a more complete solution to global manufacturing customers worldwide, including a comprehensive transportation management solution.
The Precision Software Division will continue to market and sell and service its products to customers outside of QAD's traditional targeted manufacturing verticals, including to traditional freight forwarders and the emerging desktop shipping market.
Ireland-based Precision Software Limited. Precision, a leading provider of transportation management software solutions across multiple industries, including QAD's manufacturing verticals. Approximately half of the all-cash purchase price consideration was paid at closing onSeptember 20, 2006, with the remainder expected to be paid over a two-year period. The total price consideration is expected to be approximately $14.5 million. Precision will operate as an independent division of QAD.
We are very pleased to add Precision Software's talent and technology to QAD. The valued partnership between our two companies has long benefited our many mutual customers, and the synergies created by this new combination will help further improve our customers' competitive advantage, said QAD Chairman and President Pamela M. Lopker. The acquisition marks another important step in QAD's strategy of expanding our capabilities and offerings to bring manufacturing customers a more complete solution to help them thrive as global enterprises. By delivering an enhanced transportation management system that integrates seamlessly with QAD Enterprise Applications and other ERP solutions, we're bringing customers one step closer to the perfect lean market we envision in global manufacturing.
Founded more than 20 years ago, Precision supplies transportation management software systems, including global trade management and international regulatory compliance solutions, to more than 900 customer sites in 55 countries. Since 1996, QAD and Precision have partnered to provide customers with certified interfaces that meet industry applications standards, certified and trained implementation teams and complete third-party integration. QAD will now be able to offer a more complete solution to global manufacturing customers worldwide, including a comprehensive transportation management solution.
The Precision Software Division will continue to market and sell and service its products to customers outside of QAD's traditional targeted manufacturing verticals, including to traditional freight forwarders and the emerging desktop shipping market.
