SOURCE: Cadec Global

August 20, 2007 15:14 ET

Cadec Global Reports Significant Revenue Growth, Moves to Expanded Headquarters in Manchester, NH

With New Ownership and Management, Transportation Management Software Firm on Track for Continued Rapid Growth in Second Half of Year

MANCHESTER, NH--(Marketwire - August 20, 2007) - Cadec Global, provider of advanced transportation management systems, announced today that it achieved significant revenue growth in the first half of 2007, and is on track for continued rapid growth and record revenues for the year. Cadec has also grown its headcount by 50 percent over the past year. As a result, the firm recently moved into expanded headquarters -- more than 20,000 square feet of space at 645 Harvey Road in Manchester, NH.

This follows several other recent Cadec milestones, including its May 2007 purchase by private equity firm Brú Venture Capital, and the recent appointments of new CEO Michael Baney and Chairwoman Melanie Cary. Cadec's solid financial platform will now allow them to aggressively increase their sales and marketing strategy and intensify their focus on customer success, as well as continue to rapidly accelerate product development plans, reflecting the company's determination to build a significant global presence.

"2007 has been an exciting year for Cadec -- new ownership, new management team and greatly accelerated product development, sales and marketing efforts," noted Baney. "We've also landed several significant new customers, and are gearing up for a major product launch -- we now have tremendous momentum for the second half of 2007."

Baney joined Cadec in 2006 as Vice President, Professional Services and Chief Operating Officer and was named CEO in May 2007. Prior to joining Cadec, Baney was with AT&T Enterprise Services where he oversaw all aspects of the sale, deployment and support of large services engagements for multinational solutions serving Fortune 500 companies. While at AT&T, Baney was instrumental in the development and execution of the operational plans for sales, services and support. Prior to AT&T, Baney held senior positions in sales, marketing and management at Johnson & Johnson and Xerox Corporation. He holds a BA from the University of Florida and an MBA from the University of Phoenix.

Melanie Cary joined Cadec as Executive Advisor in 2006, and was named Chairman of the Board in May 2007. Cary has more than 20 years of experience in the enterprise software industry. She most recently spent 10 years at Advent Software, which she helped grow from $17 million to $170 million in annual revenue, achieving a market capitalization of more than $1 billion. Prior to Advent, Cary held various senior management positions with Dun and Bradstreet Software and Deloitte Haskins and Sells. She holds a BS in Finance and an MBA from the University of Florida.

"We are very excited about Cadec´s new management team -- the results that Mike and the Cadec team have achieved in a short period of time are truly impressive," said Dr. Gísli Hjálmtýsson, CEO and Partner at Brú Venture Capital. "Mike is leading a culture of growth, profitability and most importantly customer success that the entire team has embraced."

"We're extremely proud of the progress we've made as a company in recent months, particularly in the areas of product development, customer support and sales growth," said Baney. "We're expanding on many fronts, and have never been more enthusiastic about our future."

About Cadec

Cadec Global helps organizations achieve end-to-end automation and management of their transportation processes by providing unprecedented visibility into the performance of their logistics and distribution assets. With over thirty years of innovation and experience in transportation management for the trucking industry, Cadec enables transportation and distribution managers, fleet and logistics experts and business executives to reduce costs, enhance customer service, enforce compliance and safety regulations, and improve driver productivity. Cadec's marquee customer list includes market-leading private and for-hire fleets across multiple industries throughout North America.

About Brú Venture Capital

Brú Venture Capital hf ("Brú") is a private equity and venture fund. Founded at the end of 2003 by Straumur-Burdaras Investment Bank to hold and manage its venture and other privately held assets, the shareholders now include a number of Icelandic pension funds. Brú currently manages three funds, the early stage fund Brú Framtak, a portfolio of secondary assets and thirdly a new fund Brú II. The portfolios include assets in Iceland, USA, UK and Scandinavia. For more information see www.bru.is.

Cadec is a trademark of Cadec Global in the United States and other countries. All other trademarks contained herein are the property of their respective owners.

Contact Information

  • For information, contact:
    Michelle G. Faulkner
    Big Swing Communications
    Email Contact
    1-617-510-6998