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PRESS RELEASE
AmeriQuest Acquires Corcentric to Complete eService Offering to Partners
Company makes second acquisition in 20 months
CHERRY HILL, NJ —AmeriQuest® Transportation and Logistics Resources Corp., a leading provider of services to the fleet management industry and business system pioneer, has completed the acquisition of Corcentric, an Accounts Payable automation solution provider that delivers significant cost efficiencies to companies by electronically enabling their supply chains. The transaction, the price of which was not revealed, was consummated as an asset purchase on November 17, 2002.
Bucking the M&A downturn since the bursting of the dot.com bubble in 2000, the acquisition was the second by AmeriQuest in 20 months. The company acquired FleetXchange, an Internet B2B operator of a commercial transportation knowledge exchange, February 2001.
"Corcentric is an important and major component of the evolving AmeriQuest Collective Business System and an integral part of the value that AmeriQuest brings to its partners. The strategic decision to acquire Corcentric was made because the technology is so valuable to AmeriQuest," said Doug Clark, President & CEO of AmeriQuest.
The Corcentric e-Hub Solution is composed of transaction hosting and value-added services that enable companies and their trading partners to electronically manage procurement activities, fulfillment and billing procedures. The e-Hub creates an environment where any procurement transaction can be processed via a single point-of-contract, the e-Hub.
"The system currently deployed at FleetXchange, FoodFleetXchange and CarrierFleetXchange was co-developed by AmeriQuest and Corcentric, so this acquisition makes perfect sense to us and our partners. In addition, by completing the AmeriQuest value proposition, we will attract a much wider audience of potential partners," said Joe Ciolino, Executive Vice President, Corporate Development of AmeriQuest.
The newly acquired company will operate as stand alone organization called Corcentric Collective Business Systems within the AmeriQuest corporate structure. Charlie Floto, who served as President of Corcentric, will continue to manage the new organization.
About AmeriQuest Transportation Services
AmeriQuest is a leading provider of comprehensive fleet management services. By leveraging the strength of over 700,000 vehicles, AmeriQuest delivers savings, expertise, and opportunities to its private fleet and truckload carrier members. AmeriQuest provides supply management services, asset management services, financing, technology products, and outsourced transportation management services such as full service leasing, integrated logistics, and contract maintenance. More information can be found at ameriquestcorp.com.
About Corcentric
Corcentric is a leading provider of financial process automation solutions, specializing in Accounts Payable automation. By creating a paperless conduit between Procurement, Accounts Payable, Accounts Receivable, and suppliers, Corcentric allows companies to immediately manage 100% of their invoices electronically. Our cloud-based (SaaS) architecture allows for solutions to be configured in days rather than months for rapid return on investment.
Corcentric was founded in 1998 and is headquartered in McLean, Virginia.
For more information on Corcentric, call 630.925.7677 or visit www.corcentric.com. |