Future Three, Inc. and Summit Partners Finalize New Partnership
20 January 1999
Future Three, Inc. and Summit Partners Finalize New PartnershipNORTHVILLE, Mich., Jan. 20 -- Future Three, Inc., developers of integrated release accounting and shipping control applications for automotive suppliers, announces a new partnership with Summit Partners, a Boston-based professional technology investor. Summit Partners recently finalized their agreement to take a significant equity position in Future Three. Future Three also announces that Dave Maiorana will serve as President of Future Three, Inc. Maiorana has been with the company since 1984, previously serving as Future Three Executive Vice President. Founder and former President Walter Keyes will continue to hold an ownership position in the company, and will remain an active member of the board of directors. States Maiorana, "We're pleased to begin our association with this leading technology private equity investor. Future Three will not only receive the means to expand product and service offerings, we also align with a financial partner of considerable knowledge and leadership within the software industry." Adds Michael H. Balmuth, Principal of Summit Partners, "Summit is extremely excited to partner with Future Three given their automotive expertise, and their position as a leading technology innovator. We invest in proven industry leaders and, without question, Future Three's current flagship products, AutoRelease and VendorRelease, are considered the automotive industry standards for integrated EDI and Supply Chain Management. " The partnership with Summit Partners should assist Future Three with preparations for an initial public offering. Summit Partner principals have extensive experience with portfolio companies completing initial public offerings in the software, technology, and information services industries. In 1998, Future Three reached an agreement with Summit Partners to pursue a partnership with Summit taking a significant equity position in the company. As a result of the association, Future Three retains the flexibility and autonomy to provide customers with the highest quality software and services and to maintain the support of joint sales efforts with valued industry software marketing partners. Northville, Michigan-based Future Three develops Y2K-compliant, fully integrated release accounting software systems that enable automotive suppliers to manage their complete supply chain. Since 1983, Future Three has emerged as a leading organization in the integration of data throughout the manufacturing systems of North America. Today, Future Three's AutoRelease, VendorRelease, AutoScan and related software systems and services are an integral part of fully integrated supply chain management solutions designed for high-volume automotive suppliers. For further information regarding Future Three, Inc., visit http://www.future3.com.