Terms of the transaction were not disclosed.
The acquisition will extend both iRely's and Summit Software's [image-nocss] reach into the domestic and international agribusiness and petroleum wholesale and retail markets, the companies said.
"Volatility in the commodity markets in recent years has demanded increased sophistication, automation and efficiency among commodity businesses worldwide," said Meetesh Shah, COO of iRely. "Summit's solutions and talents are complementary to iRely's offerings. With this acquisition, we will be able to provide commodity businesses with additional products, functionality and resources. We plan to continue expanding our offerings in this sector."
"These are exciting times for our company, and we look forward to expanding our outlook as part of iRely," said Bruce Ringrose, CEO of Summit Software. "iRely's reach, scale and extensive knowledge in the commodity markets make them the ideal partner for Summit Software. Joining forces with iRely will enable our common vision of being a global enterprise management software provider to the commodity markets to be realized on a greater scale. iRely's commitment to our employees and current and future customers have ensured a rapid and seamless transition."
Summit Software develops integrated accounting and inventory management software for the petroleum, convenience stores, agribusiness, cooperatives and biofuels markets.
A provider of software for physical commodities, iRely serves commodity processors, traders, merchandisers and food manufacturers in more than 12 countries.
Members help make our journalism possible. Become a CSP member today and unlock exclusive benefits, including unlimited access to all of our content. Sign up here.