TMW Systems, developer and integrator of enterprise management software for the trucking industry, has completed a definitive agreement to be purchased by Wachovia Capital Partners and Peppertree Capital Management. Terms of the acquisition were not disclosed.
Founded in 1983, TMW has had more than two decades of sustained growth that has led to eight consecutive years of profitability and record revenue performance. During the past 18 months, the company has added more than 100 new customers, introduced five new products, and increased its workforce by 20%. The infusion of new capital will enable TMW to accelerate its growth and the pace of new product introductions.
Tom Weisz, who founded TMW and has served as chairman, president, and chief executive officer, will continue in his role as chairman.
Walker Simmons, partner with Wachovia Capital Partners, said, "Our plan is to provide the financial resources needed to accelerate TMW's future growth even further and build upon the record performance the company has already achieved. The TMW name, products, and mission will not change, and the firm will remain based in northeast Ohio."
