Somerset Automation Is Sold
<i> Dow Jones</i>
IRVINE — Massachusetts-based Celerity Solutions Inc. said it has acquired Somerset Automation Inc. of Irvine for stock, cash and notes valued at about $6.5 million.
Somerset, a warehouse management software company, will operate as a Celerity unit, retaining the Somerset name. The private warehouse management software company had sales of about $3.6 million and operating income of $400,000 for the year ended Jan. 31.
Celerity, a provider of supply chain management software, had about $2.1 million in sales for the six months ended Sept. 30. The company’s stock was unchanged at $1.88 in trading Wednesday on the Nasdaq market.
