Enterprise software provider QAD this week acquired transportation management vendor Precision Software for about $14.5 million.
Precision Software will operate as an independent division of QAD. Half the funds have already been paid to Precision; however, the remaining funds will be paid over the next two years.
QAD chairman Pamela Lopker said Precision's software products already integrate with the QAD Enterprise Applications line. QAD and Precision have partnered since 1996.
"The acquisition marks another important step in QAD's strategy of expanding our capabilities and offerings to bring manufacturing customers a more complete solution," Lopker said.
Precision's founder and CEO Brendan O'Donoghue has now retired. Greg Lloyd, Precision's chief operating officer has been named president of the Precision Software division of the combined company.
Lloyd said by using QAD's global footprint and focus on emerging markets, Precision will be better able to serve both new and existing customers.
Precision Software products are currently used across 900 customer sites in more than 55 countries. QAD has about 5500 licensed sites in more than 90 countries.