iRely Acquires Summit Software
March 2, 2010 Moorestown, New Jersey and Fort Wayne, Indiana - iRely, LLC and Summit Software, Inc. today announced the acquisition of Summit Software by iRely. Terms of the transaction were not disclosed.
Summit Software, based in Fort Wayne, Indiana is a leading provider of enterprise management software for the petroleum, agribusiness, cooperative and biofuels markets.
iRely, based in Moorestown, New Jersey is a provider of business management solutions for the agribusiness and commodity markets.
iRely is associated with the Harris Freeman Group, an organization with diverse business interests. Harris Freeman, family owned since 1943, operates in more than five countries with 400+ co-workers in the US.
The acquisition will extend both iRely’s and Summit Software’s reach into the domestic and international agribusiness and petroleum wholesale and retail markets.
“Volatility in the commodity markets in recent years has demanded increased sophistication, automation and efficiency among commodity businesses worldwide,” said Meetesh Shah, COO of iRely, LLC. “Summit’s solutions and talents are complementary to iRely’s offerings. With this acquisition, we will be able to provide commodity businesses with additional products, functionality and resources. We plan to continue expanding our offerings in this sector.”
“These are exciting times for our company, and we look forward to expanding our outlook as part of iRely, “ said Bruce Ringrose, CEO of Summit Software. “iRely’s reach, scale, and extensive knowledge in the commodity markets make them the ideal partner for Summit Software. Joining forces with iRely will enable our common vision of being a global enterprise management software provider to the commodity markets to be realized on a greater scale. iRely’s commitment to our employees and current and future customers have ensured a rapid and seamless transition.”
iRely, LLC is a leading provider of software for physical commodities. iRely serves commodity processors, traders, merchandisers and food manufacturers in over 12 countries from its headquarters in Moorestown, NJ. For more information, visit www.iRely.com.
Summit Software develops integrated accounting and inventory management software for the petroleum, convenience stores, agribusiness, cooperatives, and biofuels markets. Summit has been serving its customers for over 25 years from its headquarters in Fort Wayne, IN. For more information, visit www.summit-soft.com.
About Madison Park Group
Madison Park Group (MPG) is an investment banking firm focused on advising technology and business services companies on pursuing M&A and private equity transactions. For additional information, visit www.madisonparkgrp.com or call 212-292-4407.