LONDON, June 1, 2012 /PRNewswire/ --
Solarsoft Business Systems announced today that the shareholders and management of Progressive Solutions Incorporated ('PSI') have agreed to accept an offer from Solarsoft to acquire PSI.
PSI, which is privately held, provides specialist enterprise software for producers, manufacturers and distributers in the lumber and building materials supply chain. Since 1989, PSI has grown to become the leading supplier of management systems to saw mills, lumber yards and suppliers of construction materials in North America and the UK. With its proven expertise and class-leading products, bisTrack and lumberTrack, PSI has established an outstanding reputation for high quality service and customer satisfaction.
Commenting on the transaction, Shawn McMorran, chief executive of Solarsoft Business Systems, said: "I am delighted to be able to make this announcement because PSI is a great business and an excellent fit with Solarsoft. This acquisition will add significant strength to our offering for distribution and wholesale customers. Furthermore, it brings to Solarsoft a talented and successful team with deep vertical market expertise and a commitment to excellence in customer service. PSI's customers will benefit too from being supported by a larger organisation with international operations. We see a bright future together."
"We believe that the combination with Solarsoft will provide fresh momentum to the ongoing development of PSI's products and services for the benefit of customers, suppliers and employees" said Len Williams, president, CEO and founder of PSI.
Andy Hovancik, chief operating officer at Solarsoft added: "Solarsoft has an established position in distribution and wholesale systems in the UK and Ireland. PSI's strength in North America and in the specialist needs of the lumber and wood products sector are complementary to that. Bringing PSI's market-leading applications into Solarsoft will allow us to accelerate our strategic expansion in this sector. Together, we will continue to develop the outstanding reputation that PSI has built for product innovation, expertise and customer service."
About Solarsoft Business Systems
Solarsoft provides modern enterprise software and IT services to manufacturers, distributors and wholesale businesses in North America, Europe and Asia. The company has grown organically and through acquisition since 1986 and employs more than 450 people providing local support across 16 time zones. More than 2,500 companies rely on Solarsoft to bring clarity and efficiency to their daily operations. Worldwide revenues when combined with PSI will be in the order of US$100 million. Solarsoft is backed by Marlin Equity Partners, an independent investment firm with over $1bn of institutional assets under management.
For more information about Solarsoft please visit http://www.solarsoft.com.
SOURCE Solarsoft Business Systems