AmeriQuest buys second Internet venture

AmeriQuest Transportation and Logistics Resources Corp. has purchased Corcentric, an Internet venture that provides a variety of electronic commerce services. The price of the deal wasn't revealed, though Corcentric said it handles $500 million worth of transactions per year via its online network. This is the second Internet firm purchased by Cherry Hill, NJ-based AmeriQuest. It bought FleetXchange,

AmeriQuest Transportation and Logistics Resources Corp. has purchased Corcentric, an Internet venture that provides a variety of electronic commerce services. The price of the deal wasn't revealed, though Corcentric said it handles $500 million worth of transactions per year via its online network.

This is the second Internet firm purchased by Cherry Hill, NJ-based AmeriQuest. It bought FleetXchange, an Internet-based purchasing consortium for trucking fleets, in February 2001.

AmeriQuest said those acquisitions are an important part of its growth strategy as it seeks to offer a wider array of online business services for trucking operations, such as electronic part ordering, billing, etc. The company currently provides an array of truck leasing services through 450 locations, managing some 230,000 trucks under lease.

McLean, VA-based Corcentric will function as a stand-alone enterprise, said AmeriQuest, called Corcentric Collective Business Systems. Charlie Floto, who served as president of Corcentric, will continue to manage the new organization, the company added.

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