West Palm Beach, Florida, December 2007 – The ComVest Group has provided $6 Million in financing in the form of a convertible term loan and a revolving line of credit to Aftersoft Group Inc. (OTCB:ASFG) (“Aftersoft”). The proceeds from the transaction will be used to fund acquisitions, repay existing debt and liabilities, and for working capital purposes. ComVest believes Aftersoft is in a highly defensible competitive position with the latest technology in the market.
Aftersoft is a provider of software, information and services to the automotive aftermarket, in the United Kingdom and North America. The automotive aftermarket consists of businesses associated with the life cycle of a motor vehicle from the time a manufacturer’s warranty expires until the time a vehicle is scrapped. Aftersoft provides these aftermarket operators with a combination of business management software systems, including inventory management, online information and products, an online catalog database, labor estimates, scheduled maintenance, repair information, technical service bulletins, pricing and product features, and training and support. Their systems enable manufacturers, distributors, retailers, and service providers to exchange electronic data throughout the supply chain.
The ComVest Group is a leading Private Equity firm focused on investing in middle-market companies. Since 1988 ComVest has invested more than $2 billion of capital in over 200 public and private companies worldwide. Through our extensive financial resources and broad network of industry experts, we are able to offer our companies total financial sponsorship, critical strategic support, and business development assistance. Our focus is centered on building industry leading companies and creating long term value for equity holders. For more information on ComVest, visit www.comvest.com.