New York, NY—September 8, 2004—ComVest Investment Partners (“ComVest”), an institutional investment firm, finalized today its going-private acquisition of Catalyst International, Inc. (“Catalyst”), a global provider of customer-driven software and services that optimize the enterprise supply chain, following approval by Catalyst’s public shareholders on September 2, 2004.
”In ComVest we found the experienced financial partner we need to support our growth and aggressive development strategy to better help our customers meet their supply chain needs,” said James B. Treleaven, Catalyst’s President and Chief Executive Officer. “ComVest brings to Catalyst tremendous operational experience and a proven track record for execution.”
“With its legacy of technology leadership and its world-class customer base, Catalyst will provide an outstanding growth platform in the SCE space,” said Michael S. Falk, Managing Partner of ComVest. “ComVest is committed to helping Catalyst grow through both internal development and acquisitions that extend its product offerings and expand its customer base.”
Catalyst will operate as a private company led by its current management team and a new Board of Directors. Catalyst’s new Board of Directors will consist of six members. James B. Trealeven, Ph.D., Catalyst’s President & Chief Executive Officer, and William G. Nelson, Ph.D., Chairman of the Board of Harris Data, will continue to serve on Catalyst’s Board. The four new members consist of:
· Peter Kight, Founder, Chairman and Chief Executive Officer of CheckFree Corporation. Mr. Kight has led the company’s growth through internal development and acquisitions into a leader in the financial electronic commerce market. He also serves on the Board of Akamai Technologies, Inc. In 2001, he was recognized by Money Magazine as one of the top 10 unsung financial heroes. In addition, Fortune Magazine named his company’s e-payments functionality one of the “Seven Silver Bullet Technologies.” Mr. Kight will serve as Chairman of the Executive Committee.
· Michael S. Falk, Managing Partner of ComVest Investment Partners. In 1988, Mr. Falk co-founded Commonwealth Associates, a leading financier of emerging technology companies, and in 1995 became its Chairman, CEO, and President. He has held numerous Board seats and is a Director of Comdial Corporation, and ProxyMed, Inc.
· Nasser J. Kazeminy, Chairman of NJK Holding Corporation. Under Mr. Kazeminy’s ownership and management, this privately-held investment company has started and acquired a large number of companies in the information services and software industries.
· Ed Harris. Mr. Harris has extensive experience in the design, development, deployment, and management of computer based systems. From 1990 through 1999, he serves as President/CEO of XP Systems, which provides turnkey systems to financial institutions. He also played a major role in the founding of Digital Insight (NASDAQ: DGIN), the leading provider of home banking services to banks and credit unions. He currently serves on the Board of Certiport, a Utah-based company that provides certification testing software for Microsoft Office and other products.
“Catalyst will benefit immensely from the leadership of its new Board”, said James B. Treleaven. “Each Catalyst Board member brings the company significant financial and operational experience as well as extensive contacts in the industries Catalyst serves. They also bring proven success in building successful growth companies”.
“We welcome the opportunity to move forward as a well-capitalized, private company,” Treleaven concluded. “We will benefit from immediate operating efficiencies, a strong balance sheet and strong Board leadership.”
About Catalyst International
Catalyst International, Inc. delivers software and solutions that enable companies to optimize the performance of their enterprise supply chains. Catalyst is the only resource that combines 25 years of industry leadership in warehouse and logistics software development with an in-depth understanding of ERP systems. Catalyst has provided successful SCE solutions for customers around the world, including Boeing, Brown Forman, Maybelline, Office Max, Osram Sylvania, Panasonic, Rayovac, Subaru, and The Home Depot. Catalyst is headquartered in Milwaukee, WI and has offices or representatives in the UK, Italy, Mexico, and South America. For more information, please call 1-800-236-4600 or visit www.catalystinternational.com.
About ComVest Investment Partners
ComVest Investment Partners is a premier Investment Management Organization focused on Investing and Managing Growth Businesses in the Information Technology, Healthcare, and Telecommunication Industries. Since our founding in 1988, ComVest has raised and invested over $1.4 billion in capital. We currently manage three investment portfolios totaling over $850 million in assets. Our offices are located in New York City, New York, and West Palm Beach, Florida.