LONDON: Solarsoft Business Systems (‘Solarsoft’) has announced 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, stated: “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 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. Bringing PSI’s market-leading applications into Solarsoft will allow us to accelerate our strategic expansion in the lumber and wood products sector. Together, we will continue to develop the outstanding reputation that PSI has built for product innovation, expertise and customer service.”
Solarsoft is backed by Marlin Equity Partners, a leading private equity investment firm with over US$1 billion of capital under management.