AmeriQuest Acquires Corcentric To Complete e-Service Offering To Partners; Company makes second acquisition in 20 months.Business Editors CHERRY HILL Cherry Hill, township (1990 pop. 69,319), Camden co., W central N.J.; name was changed from Delaware township to Cherry Hill in 1961. Largely residential, Cherry Hill has been marked by great development and housing growth, especially since the 1970s. , N.J.--(BUSINESS WIRE)--Dec. 11, 2002 AmeriQuest(R) Transportation and Logistics Resources Corp., a leading provider of services to the fleet management industry and business system pioneer, has completed the acquisition of Corcentric, an e-business solutions provider that delivers significant cost efficiencies to companies by electronically enabling their supply chains. The transaction, the price of which was not revealed, was consummated con·sum·mate tr.v. con·sum·mat·ed, con·sum·mat·ing, con·sum·mates 1. a. To bring to completion or fruition; conclude: consummate a business transaction. b. as an asset purchase on November 17, 2002. Bucking the M&A downturn since the bursting of the dot.com bubble in 2000, the acquisition was the second by AmeriQuest in 20 months. The company acquired FleetXchange, an Internet B2B (Business to Business) Refers to one business communicating with or selling to another. See B2B e-commerce, B2C and B2G. B2B - business to business operator of a commercial transportation knowledge exchange, February 2001. "Corcentric is an important and major component of the evolving AmeriQuest Collective Business System and an integral part of the value that AmeriQuest brings to its partners. The strategic decision to acquire Corcentric was made because the technology is so valuable to AmeriQuest," said Doug Clark, president & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of AmeriQuest. The Corcentric e-Hub Solution is composed of transaction hosting and value added Value Added The enhancement a company gives its product or service before offering the product to customers. Notes: This can either increase the products price or value. services that enable companies and their trading partners to electronically manage procurement The fancy word for "purchasing." The procurement department within an organization manages all the major purchases. activities, fulfillment and billing procedures. The e-Hub creates an environment where any procurement transaction can be processed via a single point-of-contract, the e-Hub. "The system currently deployed at FleetXchange, FoodFleetXchange and CarrierFleetXchange was co-developed by AmeriQuest and Corcentric, so this acquisition makes perfect sense to us and our partners. In addition, by completing the AmeriQuest value proposition, we will attract a much wider audience of potential partners," said Joe Ciolino, Executive Vice President, Corporate Development of AmeriQuest. The newly acquired company will operate as stand alone organization called Corcentric Collective Business Systems within the AmeriQuest corporate structure. Charlie Floto, who served as president of Corcentric, will continue to manage the new organization. About Corcentric Corcentric provides proprietary eCommerce solutions, enabling supply chain communities to conduct business electronically. Serving the heavy-duty truck and automotive supply industries, more than 650 client sites utilize Corcentric's services. Corcentric currently processes approximately 55,000 transactions per month valued at more than $500 million per year Corcentric's client list includes such leading firms as Bandag, Citgo Petroleum Corp., Freightliner and Continental General Tires The General Tire and Rubber Company is an American manufacturer of tires for motor vehicles. General Tire was founded in 1915 in Akron, Ohio by William F. O'Neil. In 1943 General Tire branched out from its core business by purchasing the Yankee Network and the radio stations . Headquartered in McLean, Virginia McLean is an unincorporated community located in Fairfax County in Northern Virginia. A small geographic area along Chain Bridge Road in Arlington County has a 22101 zip code and is also part of McLean. , Corcentric was founded in 1998. About AmeriQuest(R) Transportation and Logistics Resources Corp. AmeriQuest(R) Transportation and Logistics Resources Corp. is a privately held, national leader in transportation and logistics services for the fleet management industry. Operating from more than 450 locations and representing the direct purchasing power Purchasing Power 1. The value of a currency expressed in terms of the amount of goods or services that one unit of money can buy. Purchasing power is important because, all else being equal, inflation decreases the amount of goods or services you'd be able to purchase. 2. of more than 230,000 trucks and several hundred fleets, AmeriQuest, through a patented business process, arranges preferred pricing and fulfillment with leading suppliers, delivering substantial savings to the industry. AmeriQuest is also the exclusive provider of procurement and transportation related services for its strategic partners, such as Amtralease (American Truck Leasing Network, Inc.); FoodFleetXchange (in partnership with Food Distributors International, National Grocers Association, American Wholesale Marketers Association and Food Marketing Institute) and CarrierFleetXchange, and through the knowledge and content portal FleetXchange.com, a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. . AmeriQuest Premier Partners include Citgo Petroleum Corp., Yale Lift Trucks, Bandag, Inc., Sterling Truck Corp., Continental General Tire, Freightliner Trucks, Morgan Corp., Cummins, GMC GMC See: Guaranteed Mortgage Certificate , Imperial and Fleetguard. Additional information is available at www.ameriquestcorp.com. |
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