Park City, UT, and West Chester, PA — September 4, 2008 — Prescient Applied Intelligence, Inc., a provider of supply chain and advanced commerce solutions for retailers and suppliers, said this week it will merge with a newly formed subsidiary of computer software developer and consultant Park City Group, becoming a wholly owned operating subsidiary.
In addition, Randall Fields, chairman and CEO of Park City Group, was appointed CEO of Prescient. Prescient's current Board of Directors and executive management team will remain in office until completion of the merger. The merger is subject to customary terms and conditions, including Prescient stockholder approval.
Together, Park City Group and Prescient said they will provide a complementary, integrated range of offerings for inventory management, labor utilization, vendor-managed inventory and scan-based trading solutions to grocery, convenience store and specialty retailers, and consumer product manufacturers worldwide.
Upon closing of the transaction, Park City Group commented it will have the technology platform, services portfolio, financial resources and subject matter expertise to meet the requirements demanded by retailers and suppliers around the globe. The combined company will serve five of the top 10 grocery retailers, four of the top six dairies, a large number of consumer products goods manufacturers, and the largest magazine distributor in the United States. Additionally, both companies count several overseas retailers and manufacturers as customers.
Fields said: "We are very pleased to bring the resources and product portfolio of Prescient Applied Intelligence into the Park City Group fold. I truly admire the business they have built and the extraordinary team of qualified people they have put in place."
Fields continued, saying that the marriage of the companies allows them to expand their product offerings and value stream to the combined customer base while taking full advantage of the available efficiencies. "We look forward to incorporating the highly-skilled and respected employees into our development, sales and management teams," he said.
Park City Group reported revenues of $2.5 million for the nine months ended March 31, 2008. Prescient Applied Intelligence reported revenue of $8.6 million for the 12 months ended June 30, 2008. Park City Group is expected to report its results for its fiscal year ended June 30, 2008 later this month.
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