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Autoweb Announces New Majority Shareholder
Jun 18, 2007 (08:06 AM EDT)
ROCHESTER HILLS, Mich., June 18 /PRNewswire/ -- Autoweb, a leading provider of software based data management and interoperability solutions for the automotive, aerospace and manufacturing industries, today announced that Kinderhook Industries ("Kinderhook"), a New York based private equity firm, in partnership with Autoweb's existing management team has acquired the business from NTT America, Inc. ("NTTA"). Following years of rapid growth under the ownership of NTTA, Autoweb is partnering with Kinderhook to provide the company with the access to the capital it needs to execute its plan of growth and continued expansion internationally.
Nino A. DiCosmo will remain President and CEO of Autoweb and the executive management team will remain intact.
"The recapitalization of the business is consistent with our strategic direction to develop innovative software as a service solution," said DiCosmo. "Autoweb has an excellent reputation and proven track record for delivering solutions that work. This partnership is intended to drive rapid growth and globalization in support of our customers' changing business environments while maintaining our standard of best in class service."
"Kinderhook has a long history of partnering with management to facilitate aggressive growth," said Robert Michalik, Managing Director of Kinderhook. "With a corporate culture focused on integrity, customer service and execution, we are excited to partner with the senior management team in support of Autoweb's growth initiatives."
Autoweb, headquartered in Rochester Hills, Michigan, is a global software service provider of data management and interoperability solutions that drive productivity and cost reductions within the manufacturing process. Autoweb is responsible for managing its clients most sensitive data. Companies like BAE Systems, Chrysler, Ford, General Motors, Nissan and thousands more currently deploy Autoweb solutions. The Autoweb Network connects manufacturers and their supply chains, with over 20,000 users and 2,600 client companies in 40 countries; Autoweb links the global manufacturing community. For additional information regarding Autoweb, visit http://www.autoweb.net .
Kinderhook Industries is a New York based private equity fund with $470 million of committed capital and an investment philosophy based on combining senior management and operating experience in a variety of industries with the financial and investment know-how of private equity companies and growth financings of entrepreneurial owned businesses. For additional information, visit http://www.kinderhook.com .
CONTACT: Nina DiMeglio-Zaleski of Autoweb, +1-248-601-7157, firstname.lastname@example.org; Andrea Wilmes, +1-248-647-8621, or Jen Howell, +1-248-647-8621,, both of AutoCom Associates
Web site: http://www.autoweb.net/ http://www.kinderhook.com/