-- Supports QAD’s Connected Supply Chain by
removing complexities and costs for customers operating across
national borders --
QAD Inc. (Nasdaq: QADA) (Nasdaq: QADB), a leading provider of
flexible, cloud-based enterprise software and services for global
manufacturing companies, today announced it has acquired
Foreign-Trade Zone Corporation (FTZ Corp.), a leading provider of
cloud-based Foreign-Trade Zone (FTZ) software and consulting
services based in Mobile, Alabama. QAD expects to integrate FTZ
Corp. into QAD Precision, the company’s global trade and
transportation division.
The transaction is not expected to have an immediate, material
impact on QAD’s financial results. The addition of FTZ Corp. is
expected to expand QAD’s addressable market, drive additional cloud
growth within its existing customer base, and strengthen its trade
and transportation solutions.
“We are very pleased to be adding FTZ Corp. and its SmartZone
solution to our company,” said QAD CEO Anton Chilton. “Supply chain
flexibility is increasingly important in today’s environment,
requiring manufacturers to quickly adapt to a rapidly changing
market. Foreign-Trade Zones have long been an important facilitator
of inventory management and supply chain agility, and our ability
to help customers take full advantage of FTZs, while saving them
time and money, is an important part of providing a full end-to-end
solution, from planning to execution.”
“The FTZ Corp. team adds considerable breadth and depth of
expertise, with leaders who pioneered innovative enhancements and
are well known by U.S. Customs having drafted language for the
Trade Development Act of 2000. Simplifying duty management while
improving transportation execution and trade compliance is a unique
differentiator for us,” said Corey Rhodes, President of QAD
Precision. “As the industry’s most robust turn-key solution, from
grantee application and audit support through Weekly Entry
processing, SmartZone complements QAD Precision’s offering and
creates a one stop shop for all your shipping, tax, and compliance
needs.”
“Joining the QAD team is a win for our customers and for our
company,” said Craig Pool, FTZ Corp. Co-Founder. “By uniting with a
premier software company who has a longstanding tradition of
serving its customers and prioritizing global transportation and
trade services in markets similar to ours, we will be better
positioned to provide current and new customers with a
comprehensive solution that helps them successfully navigate
today’s supply chain requirements.”
FTZ Corp. was founded more than 20 years ago to provide
assistance with FTZ projects across the United States. Since that
time, the company has grown into a best-of-breed,
highly-specialized cloud-based software and consulting business.
FTZ Corp. has completed more than 1,000 projects for well-known
global businesses including Catalent Pharma, Cummins Inc.,
Halliburton, Sanden USA, Sub-Zero Group, Inc., Thyssenkrupp Presta,
and United Furniture, among others.
FTZ Corp. offers solutions for every aspect of the Foreign-Trade
Zones program, including feasibility studies, FTZ Board requests
and applications, activations with Customs and Border Protection,
FTZ software, and managed FTZ operations.
About QAD – Enabling the Adaptive Manufacturing
Enterprise
QAD Inc. is a leading provider of adaptive, cloud-based
enterprise software and services for global manufacturing
companies. Global manufacturers face ever-increasing disruption
caused by technology-driven innovation and changing consumer
preferences. In order to survive and thrive, manufacturers must be
able to innovate and change business models at unprecedented rates
of speed. QAD calls these companies Adaptive Manufacturing
Enterprises. QAD solutions help customers in the automotive, life
sciences, consumer products, food and beverage, high tech and
industrial manufacturing industries rapidly adapt to change and
innovate for competitive advantage.
Founded in 1979 and headquartered in Santa Barbara, California,
QAD has 30 offices globally. Over 2,000 manufacturing companies
have deployed QAD solutions including enterprise resource planning
(ERP), demand and supply chain planning (DSCP), global trade and
transportation execution (GTTE) and quality management system (QMS)
to become an Adaptive Manufacturing Enterprise. To learn more,
visit www.qad.com or call +1 805-566-6100. Find us on Twitter,
LinkedIn, Facebook, Instagram and Pinterest.
“QAD” is a registered trademark of QAD Inc. All other products
or company names herein may be trademarks of their respective
owners.
Note to Investors: This press release contains certain
forward-looking statements made under the “safe harbor” provisions
of the Private Securities Litigation Reform Act of 1995, including,
but not limited to, statements regarding projections of revenue,
income and loss, capital expenditures, plans and objectives of
management regarding the company's business, future economic
performance or any of the assumptions underlying or relating to any
of the foregoing. Forward-looking statements are based on the
company's current expectations. Words such as “expects,”
“believes,” “anticipates,” “could,” “will likely result,”
“estimates,” “intends,” “may,” “projects,” “should,” “would,”
“might,” “plan” and variations of these words and similar
expressions are intended to identify these forward-looking
statements. A number of risks and uncertainties could cause actual
results to differ materially from those in the forward-looking
statements. These risks include, but are not limited to: risks
associated with the COVID-19 (novel coronavirus) pandemic or other
catastrophic events that may harm our business; adverse economic,
market or geo-political conditions that may disrupt our business;
our cloud service offerings, such as defects and disruptions in our
services, our ability to properly manage our cloud service
offerings, our reliance on third-party hosting and other service
providers, and our exposure to liability and loss from security
breaches; demand for the company's products, including cloud
service, licenses, services and maintenance; pressure to make
concessions on our pricing and changes in our pricing models;
protection of our intellectual property; dependence on third-party
suppliers and other third-party relationships, such as sales,
services and marketing channels; changes in our revenue, earnings,
operating expenses and margins; the reliability of our financial
forecasts and estimates of the costs and benefits of transactions;
the ability to leverage changes in technology; defects in our
software products and services; third-party opinions about the
company; competition in our industry; the ability to recruit and
retain key personnel; delays in sales; timely and effective
integration of newly acquired businesses; economic conditions in
our vertical markets and worldwide; exchange rate fluctuations; and
the global political environment. For a more detailed description
of the risk factors associated with the company and factors that
may affect our forward-looking statements, please refer to the
company's latest Annual Report on Form 10-K and, in particular, the
section entitled “Risk Factors” therein, and in other periodic
reports the company files with the Securities and Exchange
Commission thereafter. Management does not undertake to update
these forward-looking statements except as required by law.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210406006069/en/
Kara Bellamy Chief Accounting Officer 805.566.6100
investor@qad.com
Laurie Berman PondelWilkinson Inc. 310.279.5980
lberman@pondel.com
QAD (NASDAQ:QADA)
Historical Stock Chart
From Sep 2024 to Oct 2024
QAD (NASDAQ:QADA)
Historical Stock Chart
From Oct 2023 to Oct 2024