PLEASANTON, Calif. & SAN MATEO, Calif. - (Business Wire) iTradeNetwork, Inc. (ITN) a privately-held technology leader in On-Demand E-Business solutions for the food industry and Instill Corporation, a privately-held provider of spend intelligence solutions for the foodservice industry, today announced a definitive agreement to merge companies.
The combined company will create the food industry’s leading Supply Chain Network, and will be uniquely capable of delivering a complete supply chain solution to both the Retail and Foodservice channels. Customers of the merged companies will now experience the expanded suite of solutions and analytical tools required to reduce food costs, increase operating margins, identify new revenue opportunities and collaborate with all supply chain trading partners.
The merger was in part facilitated by Accel-KKR, a technology-focused private equity investment firm, which in December 2007, acquired a majority equity stake in iTradeNetwork to help accelerate the future growth of the company. Financial terms were not disclosed.
Under the terms of the transaction, Robert Bonavito, Founder and Chief Executive Officer of iTradeNetwork, will serve as CEO of the combined companies. Instill will operate as a separate division of iTradeNetwork. Both companies will retain their senior leadership teams and focus on the delivery of value creating customer solutions throughout their supply chain.
Robert Bonavito, CEO of the combined companies said, "Over the past decade, ITN and Instill have built leading positions in providing collaborative workflow software solutions and spend intelligence solutions to the food industry. We believe our consolidated customer base will experience a significant multiplier effect in terms of incremental value creation through the combined solution offerings of ITN and Instill.”
About iTradeNetwork, Inc: iTradeNetwork is a privately held technology leader in On-Demand E-Business solutions for the food industry. The ITN suite of products include: Order Management System (OMS), Logistics, Contract and Rebate Management (CaRMA), Promotional-Planning, Demand Forecast, VMI, Trade Spend Optimization, Financial Services and Content, as well as low cost integration to customers legacy systems. 16 of the top 20 North American Retailers and most leading Foodservice companies are utilizing iTradeNetwork's e-business solutions with over 4,800 trading partners/customers. For more information, visit www.itradenetwork.com.
About Instill Corporation: For more than a decade, Instill has been helping customers build enterprise value by applying innovative technology and industry expertise to address the unique challenges facing foodservice companies. Instill is focused on providing spend intelligence solutions for the foodservice industry, providing a proven, comprehensive set of solutions for leading companies such as Independent Purchasing Cooperative (IPC) for SUBWAY®, Hardee’s, RARE Hospitality, International Dairy Queen, Inc., Nathan’s Famous, YUM! Brands’, Inc., United Foodservice Purchasing Cooperative (UFPC) and Unified Purchasing Group of Canada (UPGC), Sodexo, ConAgra Foods, Inc. and General Mills.. For more information, contact Instill at 1-888-INSTILL (1-888-467-8455) or visit www.instill.com.
About Accel-KKR
Accel-KKR is a technology-focused private equity firm that 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 contribution of unique financial, strategic, technical, and operational resources.
Accel-KKR has a particular focus on the following transactions: 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.
Snortland Communications
Ann Snortland, 719-622-6819
ann@snortcomm.com
