ClearOrbit acquired by TAKE Solutions, Inc.

Source: Technology Digital

Date :7/16/2007 2:10:48 PM

Acquisition enables ClearOrbit to provide unprecedented global support, expanded development capabilities and solutions for worldwide markets.

TAKE Solutions, Inc. and ClearOrbit, Inc. jointly announced that TAKE Solutions has acquired ClearOrbit, a leading supply chain execution and reverse logistics solutions provider.

The acquisition will enable TAKE Solutions to form a new U.S.-based supply chain management division with international reach. Privately-held TAKE Solutions is a business software and services company that delivers world-class life sciences and supply chain management solutions throughout global markets. Terms of the deal have not been disclosed.

The new division will retain the ClearOrbit brand name. It will combine ClearOrbit with TAKE Solutions' existing Supply Chain Management (SCM) division, which offers an array of innovative products and services allowing customers, partners and suppliers to collaborate online, reduce costs and decrease time-to-market. John Reece, President and CEO of ClearOrbit, will serve as President of the SCM division of TAKE. The existing ClearOrbit management team will continue to report to Reece, with the addition of G. Ramesh, General Manager of TAKE Solutions SCM Asia/Pacific Division. The impact on ClearOrbit's existing organizational structure is expected to be minimal.

"This transaction provides a truly outstanding fit between two highly compatible organizations," says Ram Yeleswarapu, president and CEO of TAKE Solutions. "ClearOrbit's excellent personnel, brand name and products, coupled with TAKE Solutions' access to international markets and expanded resource pool, will allow us to reach new heights. The combined organization, led by John Reece and a strong management team, is well positioned to capitalize on the exciting global opportunities this transaction enables."

"Being part of TAKE Solutions will enable ClearOrbit to provide its customers with international support and a wider range of products and services to address their supply chain challenges," says Reece. "The acquisition more than doubles our resource and revenue base, while providing new access to international customers who will benefit from our innovative approach to supply chain challenges."