Tuesday, September 2, 2008
IRM Corp. Acquired By Software Firm
Dallas-based IRM Corp. has officially been acquired by AFS Technologies Inc. of Phoenix, AFS announced Tuesday. IRM publishes business intelligence, forecasting and trade promotion management software-as-a-service applications for manufacturers, distributors and brokers within the food and beverage industry. AFS develops software for the same market. Terms of the deal were not disclosed. To finance its IRM acquisition and the purchase of a California-based firm, AFS reported that it has obtained a $25 million credit facility from Wells Fargo. AFS also said it had closed a round of venture financing worth $13 million and led by CIBC Capital Partners.