US: AFS Technologies acquires Quofore and MEI

AFS Technologies Inc., the leading provider of integrated software solutions to the consumer packaged goods (CPG) industry, announced today that it has completed the financial transactions to acquire MEI Computer Technology Group and Quofore.

The acquisitions of MEI and Quofore further strengthen the position of AFS as the leading provider of end-to-end trade promotion optimization and mobile field sales solutions in the CPG retail arena, and significantly expand the Company's reach for its enterprise platform to over 40 global markets.

"The two acquisitions reinforce our Company's ability to enhance the value of our business automation solutions and drive customer profitability improvement for manufacturers, broker/sales agencies, distributors, and operators in the retail and foodservice channels," said Kurien Jacob, CEO of AFS. "MEI and Quofore customers will realize the benefit of an expanded offering of AFS products and services to support their ongoing business needs."

"Along with these new acquisitions, we're pleased with the support of our equity partner, Goldman Sachs & Co., and their dedication in continuing to build our Company's leadership position in the market," noted Kurien Jacob.

ABRY Partners was a financial partner to AFS Technologies in both transactions. ABRY joins AFS as an equity partner to support continued growth. Tyler Wick will join the AFS Board of Directors on behalf of ABRY. Madison Park Group acted as investment banking advisor to AFS on both transactions.

Source: www.marketwatch.com