New CEO Stephen Woodard will undertake channel strategy to grow the company.
Quadrant Software announced this week it has been acquired by Boston-based Candescent Partners, a private equity firm. In business more than 20 years with some 3,500 installations, Quadrant Software is the developer of FastFax fax servers and Formtastic electronic forms software. The solutions run on, and are integrated with, many IBM System i ERP applications. Candescent led the transaction with co-investors Harbert Mezzanine Capital, Bush O'Donnell Capital Partners, Massachusetts Capital Resource Company, and Brooke Private Equity Associates. The sale was effective November 13.
Though under new management, Quadrant will remain in Mansfield, Mass., and retain its entire employee workforce, according to Stephen Woodard, the newly appointed president and CEO. The company will continue creating and refining its highly regarded solutions, he said, and will map out a strategy for future growth. Quadrant Software's co-founders Gary Langton and Peter DePierro, will be leaving Quadrant after a transition period but will remain owners of IntelliChief, LLC. Quadrant and IntelliChief remain on good terms and will continue to work together on complementary projects, Woodard said.
"Both Peter and myself will be working closely with the Quadrant team and Candescent Partners over the next year to ensure a smooth and orderly transition for both customers and vendors that is free of any disruptions in customer/product support and pace of product development" said Langton."Quadrant Software is a proven, established supplier of software already integrated with many of IntelliChief's customers; we will continue our close relationship and partnership.
"This is an opportunity for us to further invest in IntelliChief while maintaining the partnership that has always existed between Quadrant Software and IntelliChief," Lanagton said. "This transaction is a positive one for all stakeholders, capitalizing on the continuity of the business for owners, customers, and business partners. We are thrilled to be able to complete a transaction that is a positive event for all involved." Both Langton and Woodard stress the importance of the partnership between the two companies as a foundation for each of their ongoing success and remain committed to working closely with each other.
Woodard told MC Press Online that one of the defining characteristics of Quadrant's products is that its solutions work flawlessly and are highly regarded by customers. "We see an opportunity to leverage the solid customer base and partnership relationships Quadrant Software has built to date and anticipate steady growth as a result," says Woodard. "We are excited at the opportunity to continue the great work that has been the hallmark of Quadrant Software's success."
Woodard said the new management will leverage the company's quality reputation and develop an extensive network of channel partners. He said he soon will be bringing aboard several experienced channel managers to begin building the program. Woodard said he will also be exploring opportunities for additional sales outside North America, Quadrant's traditional market. The company had listed an office in the U.K. outside London, to serve its European IBM System i markets, but that facility apparently will remain with IntelliChief, as will the offices in Tampa, Fla.
As Quadrant Software's new chief executive officer, Woodard brings a wealth of executive and sales management experience to Quadrant. A software industry veteran, Woodard has experience with both entrepreneurial and established technology companies in the U.S. and internationally. Prior to joining Quadrant, he was president of Ultimus, Inc. of Cary, N.C., an experienced provider of business process management solutions.
About IntelliChief, LLC
IntelliChief, is a leading provider of Paperless Process Management (PPM) solutions for the IBM i (System i, iSeries, AS/400) Enterprise. With decades of expertise in the market and seamless integration with leading ERP software vendors, IntelliChief takes companies of all sizes paperless with a typical ROI of less than 8 months. Users can create, capture, manage, archive, retrieve, and distribute mission-critical documents directly from their familiar ERP screens, eliminating the need for filing cabinets, storage facilities, fax machines, copiers, and paper files. IntelliChief has offices in Boston, Tampa and London.For more information on IntelliChief call +1-508-594-2700, or visit www.intellichief.com.
About Candescent Partners, LLC
Candescent Partners is a Boston-based private equity firm that invests in the acquisition, growth and recapitalization of lower middle market companies in healthcare services, business services, software and consumer products and services. Candescent Partners, LLC was founded by Steve Jenks and Sandy McGrath.
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