Future Three Finalizes Agreement with Summit Partners
30 June 1998
Future Three Finalizes Agreement with Summit PartnersNORTHVILLE, Mich., June 30 -- Northville, Michigan based Future Three, Inc., developer of EDI and Supply Chain Management Software applications for automotive suppliers, has reached an agreement with Summit Partners (Boston, Mass.) to pursue a partnership with Summit taking a significant equity position in the company. Since its inception in 1983, Future Three has experienced tremendous growth and hopes to augment its historic success with the assistance of a professional technology investor like Summit. The Company's current flagship products, AutoRelease and VendorRelease, are considered the automotive industry standards for EDI and Supply Chain Management. "We are pleased to have reached an agreement with Summit," explained Future Three's CEO Walter Keyes. "With Summit, we not only receive the means to expand our product and service offerings, we also align with a financial partner of considerable knowledge and leadership within the software industry." Within EDI, the number of large ERP vendors is on the rise, and Keyes has managed to keep Future Three "vendor neutral." Keyes notes this strategy will not change going forward with Summit. "As a result of the agreement, we retain the flexibility and autonomy to provide our customers with the highest quality software and services and to maintain the support of joint sales efforts with our valued industry software marketing partners," commented Keyes, earlier this morning. Future Three, Inc., headquartered in Northville, Michigan, develops EDI, release accounting, and shipping control applications specifically engineered for high-volume automotive suppliers. Future Three has been providing world- class solutions for automotive suppliers' EDI demand management needs since 1983. Additional information about Future Three's products and services can be obtained by contacting the Company at 800-444-2488 or via the Internet at http://www.future3.com. Summit Partners is a large private equity firm with offices in Boston and Palo Alto. Summit manages over three billion dollars for its limited partners, which consist of Fortune 500 corporations, pension funds and university endowments. Summit invests in rapidly growing, profitable and well managed information technology companies. Established in 1984, Summit has since invested in over 180 companies and in the last three years has completed more than forty public offerings from within its portfolio. Additional information about Summit can be obtained by contacting the Company at 617-824-1000 (Boston) or 650-321-1166 (Palo Alto). Further information can be obtained via the Internet at http://www.summitpartners.com.