TUNBRIDGE WELLS, United Kingdom--(BUSINESS WIRE)--July 29, 2003
"Relationship with CarParts Technologies, Inc., provides an
established route to the substantial automotive aftermarket
opportunity in North America"
Auto Data Network Inc. (OTCBB: ADNW), a provider of software and real-time data services to the automotive industry, today announced the completion of a strategic investment in CarParts Technologies, Inc..
CarParts Technologies, Inc. (CarParts) is a leading provider of software systems to the automotive aftermarket supply chain. Over 3,000 customers, including leading automotive aftermarket outlets, tier 1 manufacturers, program groups, warehouse distributors, tire and service chains and independent installers across all 50 U.S. states and Canada, rely on CarParts software.
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Under the terms of the agreement, Auto Data Network has made a strategic investment of $2 million to fund the continued growth of the company. ADNW will also acquire CarParts Technologies on a pre-determined formula at the end of 2005.
CarParts has developed the world's first application suite that puts the Internet inside its VAST point-of-sale (POS) and back office (DirectStep) automotive aftermarket systems. CarParts has created an industry-specific private trading network, OpenWebs(TM) Intelligent Trading Network, with in-built, secure trading and accounting functionality that lets members buy from, and sell to, any other partner on the network - distributors, manufacturers, even other dealers. Since everyone is connected under trading rules, members can confirm sales to their own customers based on accurate information and reduce their inventory. CarParts' OpenWebs(TM) Intelligent Trading Network integrates with existing industry systems from a standard Microsoft based platform resulting in lower customer installation costs and minimal user training requirements.
Using OpenWebs(TM), CarParts has also deployed a leading tire-industry ERP application, Tradera, with advanced tire functionality, tire adjustment warranty tracking, volume bonus accruals and integration with retread software. Computer-to-computer connectivity with leading tire manufacturers provides accurate real-time product information to assist dealerships and repair centres in managing and extending their relationship with customers.
"Our recent acquisition of MAM Software, a leading European aftermarket software supplier and our subsequent transaction with CarParts Technologies, have created the footprint from which we intend to expand our aftermarket offering in the US & Europe," said Chris Glover, Chairman and Chief Executive Officer of Auto Data Network. "There is a complementary suite of products that both companies sell which means that current product lines will not be replaced in their respective markets."
Auto Data Network's subsidiary MAM Software Limited, recently announced the release of a new version of its software, Autopart Version 2.1. Commenting on the acquisition of CarParts, Murdo Jamieson, MAM Software Managing Director said, "We are pleased that CarParts' software development has pursued a similar strategy to our own. Our mutual adherence to open standards, such as Microsoft's .NET (NASDAQ: MSFT), will simplify the integration of our service offerings to the benefit of our customers in our respective markets. Collaboration between our development teams will lead to a complete and integrated suite of product offerings to the automotive aftermarket."
Both CarParts and MAM Software bring highly experienced management teams and a powerful, unduplicated roster of customers in their respective North American and European markets. The combined product lines of the two companies addresses market needs for new automotive aftermarket services that are expected to be broadly adopted in coming years.
"This investment and strategic partnership will enable CarParts Technologies to broaden it's offerings to the North American market," said David McCann, CEO of CarParts Technologies Inc. " Our combined resources and competencies will enable us to capture larger market share, and better enable our target customers to derive profits and growth from the $237 billion US aftermarket which serves 200m US car and Fleet owners."
CarParts Technologies is a leading provider of open, business automation and distribution channel eCommerce systems for the automotive aftermarket supply chain. CarParts systems are used by more than 3,000 leading aftermarket outlets including tier 1 manufacturers, program groups, warehouse distributors, tire and service chains and independent installers in all 50 U.S. states and Canada.
