DECEMBER 18, 2007
Accel-KKR Acquires Majority Equity Stake in iTradeNetwork Inc.
Menlo Park, CA and Pleasanton, CA - December 18, 2007 - Accel-KKR, a technology focused private equity investment firm, today announced the acquisition of a majority equity stake in iTradeNetwork, Inc., a privately-held leading provider of on-demand software solutions to the food industry, with the company's management and employees and ABRY Partners, a Boston-based private equity firm, holding the balance of the company's equity. The transaction builds upon Accel-KKR's existing ownership position. Financial terms of the transaction were not disclosed.
Founded in 1999, iTradeNetwork provides subscription-based hosted software solutions to the food industry that facilitate transactions between retail grocers, restaurant chain operators, foodservice distributors and their respective suppliers. Reflecting its robust growth since its founding, iTradeNetwork has over 4,500 trading partners that use its solutions, including companies such as SuperValu, Kroger, Sysco, Kraft Foods and Cargill. In aggregate, iTradeNetwork's customers transact nearly $200 billion in trading volume annually through the company's software solutions.
Under the terms of the transaction, Robert Bonavito, Founder and Chief Executive Officer of iTradeNetwork, will continue to serve in his current role along with the rest of his executive management team.
Robert Bonavito, Founder and CEO of iTradeNetwork, said, "Over the past eight years, we have built a leading position in providing collaborative workflow software solutions to the food industry. Accel-KKR's investment is both a reflection of our tremendous progress, as well as a vote of confidence in our strong continued potential for growth. We have found in Accel-KKR a number of key attributes that we felt were essential in an equity partner to help accelerate the future growth of the company."
Tom Barnds, Managing Director of Accel-KKR said, "We are delighted to be increasing our investment in a business that is well-positioned for continued growth and market leadership. iTradeNetwork's scale, financial strength, impressive customer base, and differentiated service offerings provide it with significant advantages in a fragmented market. Its seasoned management team has demonstrated its ability to grow the business profitably, while providing the company's value proposition across the retail grocery and foodservice markets by successfully serving companies of all sizes throughout the industry."
About Accel-KKR
Accel-KKR is a technology-focused private equity firm that invests primarily in technology business 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.
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 4,500 trading partners/customers.
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