PHOENIX--(BUSINESS WIRE)--AFS Technologies Inc., the leading provider of integrated software solutions to the consumer packaged goods (CPG) industry, announced today that it has completed the financial transactions to acquire MEI Computer Technology Group and Quofore.
The acquisitions of MEI and Quofore further strengthen the position of AFS as the leading provider of end-to-end trade promotion optimization and mobile field sales solutions in the CPG retail arena, and significantly expand the Company’s reach for its enterprise platform to over 40 global markets.
“The two acquisitions reinforce our Company’s ability to enhance the value of our business automation solutions and drive customer profitability improvement for manufacturers, broker/sales agencies, distributors, and operators in the retail and foodservice channels,” said Kurien Jacob, CEO of AFS. “MEI and Quofore customers will realize the benefit of an expanded offering of AFS products and services to support their ongoing business needs.”
“Along with these new acquisitions, we’re pleased with the support of our equity partner, Goldman Sachs & Co., and their dedication in continuing to build our Company’s leadership position in the market,” noted Kurien Jacob.
ABRY Partners was a financial partner to AFS Technologies in both transactions. ABRY joins AFS as an equity partner to support continued growth. Tyler Wick will join the AFS Board of Directors on behalf of ABRY.
Madison Park Group acted as investment banking advisor to AFS on both transactions.
About AFS Technologies Inc.
AFS Technologies Inc. is the leading provider of business enterprise and on-demand software solutions. The company serves over 1,500 customers across the Americas with a portfolio of solutions for the food, beverage, logistics and financial segments. AFS supply chain solutions and AFS food and beverage solutions are designed to reduce costs, improve efficiency, increase sales and margins, streamline internal processes, facilitate data synchronization, and assist in regulatory compliance. All AFS solutions utilize service-oriented architecture (SOA) built with Microsoft .NET framework technology. With a focus on modular design, the solutions allow customers in manufacturing, sales agencies, distribution, and complex software companies the flexibility to upgrade specific elements of the software without affecting the rest of the system. To match the needs of our diverse customer base, products are available on both a license and true SaaS model basis. For additional information, please visit www.afsi.com or call (602) 522-8282.
About MEI Computer Technology Group, Inc.
MEI Computer Technology Group Inc. is a global provider and thought leader in trade promotion management (TPM) solutions, providing consumer packaged goods (CPG) manufacturers with automated solutions to integrate TPM into existing sales and marketing accounting systems to better track trade spend performance across the entire supply chain. Founded in 1983, the company offers TPM software applications and services to enable CPG companies to make more informed business decisions regarding critical trade spend activities.
About Quofore International, Inc.
Founded in 1998, Quofore International, Inc. is recognized as the international leader in mobile software solutions, incorporating the world’s best practices for field representatives in consumer products companies. Companies using Quofore solutions are able to drive competitive advantage through their management and execution of field sales, merchandising, promotion, and direct delivery activities. Incorporating world’s best practices, Quofore solutions reflect the experience and domain expertise gained from over a decade of focus on the consumer good industry and mobile technology. Quofore works with customers in more than 40 countries in both modern trade and emerging markets. Quofore markets its software worldwide through its regional offices in the Americas, EMEA and the Asia Pacific region. Quofore has delivered solutions to customers across six continents including leading global corporations such as Procter & Gamble, Spin Master, The Schwan Food Company and Unilever, as well as numerous small to midsize companies.
About Goldman Sachs & Co. Private Capital Investment Group
Goldman Sachs & Co.'s Private Capital Investing Group, a division of Americas Special Situations Group (AmSSG), provides capital to middle market companies to accelerate organic growth, facilitate acquisitions, refinance existing credit facilities or provide liquidity to current investors.
About ABRY Partners
Founded in 1989, ABRY is one of the most experienced and successful healthcare services, media, communications, and business information services sector-focused private equity investment firms in North America. ABRY has completed over $36 billion of transactions, representing investments in more than 450 properties. The firm is currently managing over $3.5 billion of total capital and investing out of a $1.6 billion private equity fund, $750 million senior equity/mezzanine fund and a $1.2 billion senior debt fund.
About Madison Park Group
Madison Park Group is an investment banking firm focused on advising technology and business services companies on M&A transactions and fundraisings. Madison Park Group has closed over 90 transactions for fast growing companies in a range of sectors including enterprise application software, SaaS, security & infrastructure, new media, digital marketing, eCommerce and tech-enabled services. For more information, please visit www.madisonparkgrp.com.