YARDLEY, PA, June 23, 2003 - Prophet 21, the leading provider of technology solutions for durable goods distributors, has announced the acquisition of Faspac Systems, Inc., a provider of enterprise software solutions and services for fastener distributors.
"As the leading provider of technology solutions for the distribution industry, Prophet 21 is constantly searching for ways to strengthen its expertise among durable goods distributors to help its customers continue to increase sales, improve customer service, and reduce operating costs," said Chuck Boyle, Prophet 21 president and CEO, in making the announcement. "Faspac Systems is a powerful force in the fastener market and we are fortunate to be in a position to acquire them."
"Both Faspac Systems and Prophet 21 users will benefit from this melding of Faspac Systems' specific vertical market expertise with Prophet 21's technology leadership and corporate strength," continued Boyle. "The combined forces of Prophet 21 and Faspac Systems have made Prophet 21 the dominant technology provider in the fastener market."
This acquisition further strengthens Prophet 21's domain expertise in the distribution industry as a whole, while deepening its knowledge of the fastener marketplace. Prophet 21 has more than 36 years experience in the distribution industry, including some of the largest fastener distributors in North America. Among them: Würth/Service Supply, Southern Fastening Systems, Tropic Fasteners, Würth/Snider Bolt and Screw, and many others.
In addition to Prophet 21's strong financial strength, stability, extensive research and development resources, value-based customer support, and domain expertise, the company's existing technologies for distributors - including Prophet 21 CommerceCenter, the leading enterprise solution, and Trading Partner Connect, the leading Internet trading network - and extensive array of Professional Services will offer Faspac customers tremendous opportunities to increase sales, improve customer service, and reduce operating costs.
For nearly 25 years, Faspac Systems has been a leading provider of enterprise software solutions and services for fastener distributors and manufacturers worldwide. Nearly 280 fastener distributors - the majority located in the United States, with several in Canada and Great Britain - utilize a Faspac Systems solution. These customers will join Prophet 21's customer base as Faspac Systems and Prophet 21 will combine to form into a single entity called Prophet 21. Faspac Systems' products and services will be supported, marketed, and sold by Prophet 21.
