TMW Systems announced that it has finalized a definitive agreement to be purchased by Wachovia Capital Partners and Peppertree Capital Management. Terms of the acquisition, announced Monday, Sept. 26, were not disclosed.
Founded in 1983, TMW is a developer and integrator of enterprise management software for the trucking industry. During the past 18 months, the company has added more than 100 new customers, introduced five new products and increased its work force by 20 percent. The infusion of new capital will enable TMW to accelerate its growth and the pace of new product introductions, said Tom Weisz, who founded TMW Systems and has served as chairman, president and CEO.
Weisz will continue in his role as chairman. Ken Thompson, TMW’s chief operating officer, will assume the post of president and CEO. Chief Technology Officer Dave Mook will take on the added responsibilities of chief operating officer. All other officers will continue in their management roles.
“The transition of ownership to Wachovia Capital Partners and Peppertree Capital Management will be transparent to our customers, employees and business partners,” Thompson said.