Management software provider TMW Systems has finalized an agreement to be purchased by Wachovia Capital Partners and Peppertree Capital Management.
Wachovia plans to “provide the financial resources needed to accelerate TMW's future growth,” said Walker Simmons, partner with Wachovia Capital Partners. “The TMW name, products and mission will not change, and the firm will remain based in Northeast Ohio.”
The entire TMW management team will remain intact, according to the company. Tom Weisz, TMW founder will continue as chairman. Ken Thompson, TMW's COO, will assume the post of president & CEO. Chief technology officer Dave Mook will take on the added responsibility of COO.
“With greater access to financial capital, TMW will continue to build upon our legacy of excellence and innovation and solidify our position as the leading provider of technology solutions for trucking companies,” said TMW's Weisz.
“The transition of ownership…will be transparent to our customers, employees and business partners,” he continued. “TMW will operate as an independent company with the same culture, people, and single-minded focus on improving our customers' operations.”