SAN JUAN CAPISTRANO, Calif.--(BUSINESS WIRE)--July 29, 2003
CarParts Technologies Inc. (CPT), the leading provider of open, eCommerce software solutions for the North American automotive aftermarket, today announced it has finalized a strategic partnership with Auto Data Network Inc. (ADNI), the market leading British-based provider of software and real-time data services to the United Kingdom and European markets.
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Under the terms of the agreement, ADNI participated in a strategic investment, along with existing CarParts Technologies-investors, to fund CarParts Technologies' continued growth. In addition, the two companies agreed to merge at the end of 2005. Until then, CarParts Technologies will continue to operate as an independent U.S. company and ADNI will assume representation on the CarParts Technologies Board of Directors.
"Both companies have been executing roll-up strategies on our respective continents, have complementary product lines and similar strategies," said David McCann, president & CEO of CarParts Technologies. "We are excited about the new opportunities in our respective markets that result from our combined complementary product lines. This investment from ADNI and our prior investors puts us in a strong position to continue our growth in the North American market."
"In addition to this strategic relationship with CarParts Technologies, ADNI recently acquired MAM Software, a leading European aftermarket software supplier. The combination of these transactions has created the footprint from which we intend to expand our aftermarket offering in North America and 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 continue to be sold and supported in their respective markets."
About CarParts Technologies Inc.
CarParts Technologies is the leading provider of open extended supply chain software solutions for the automotive aftermarket. The CarParts Technologies eCommerce platform enables efficient online trade, integration and collaboration between manufacturers, distributors, and retail service chains.
The solutions are used in more than 3,000 leading aftermarket outlets including tier 1 manufacturers, program groups, warehouse distributors, jobbers, service chains and independent installers. CarParts Technologies' open, end-to-end solutions allow companies to generate new sales, operate more cost efficiently, accelerate inventory turns and maintain stronger relationships with suppliers and trading partners.
Established in 1997, CarParts Technologies' complete suite of business solutions has delivered compelling returns on investment to customers across the entire aftermarket supply chain.
With headquarters in San Juan Capistrano, CarParts Technologies has received venture capital funding from Rho Ventures, BEV Capital, St. Paul Venture Capital and Investor AB Group.
For more information, media and analysts only
Shari Gold, Gold PR, 949-764-9488 or 714-251-0375 (mobile), sgold@goldpr.com.
Note to Editors: If you are interested in viewing additional information on CarParts Technologies, visit the Web site at http://www.carpartstechnologies.com.
