CIMdata PLM Industry Summary Online Archive
11 April 2005
Acquisitions
Avatech Solutions Acquires Comtrex Corporation
Avatech Solutions, Inc. announced it has completed the previously announced acquisition of Charlotte, N.C.-based Comtrex Corp. Terms were not disclosed.
Owings Mills, Md.-based Avatech ( http://www.avatechsolutions.com/ ) said the acquisition provides Avatech with its first-ever presence in the North Carolina area and effectively extends the Company's location network to cover most of the East Coast. The Company also confirmed that, with the transaction complete, the acquisition will be accretive to Avatech's earnings in the fiscal year ending June 30, 2005.
"The completion of our acquisition of Comtrex expands our presence in one of the fastest growing regions in the country while giving us a key competitive advantage in our markets," said Scotty Walsh, CEO at Avatech Solutions. "We continue to be on the look-out for other transactions which fit our growth strategy and complement our existing organic growth prospects."
Comtrex Corporation was founded in 1983 and provides Computer-Aided Design (CAD) software solutions and related services throughout North and South Carolina. The company has offices in Charlotte, N.C., Greensboro, N.C., and Raleigh-Durham, N.C., as well as a substantial client list that includes Fortune 500 companies.
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