Vicente Capital-Backed Intellectual Technology Acquires Solutions Thru Software

CARLSBAD, Calif., Jan. 23, 2018 (GLOBE NEWSWIRE) -- On Friday, January 19, Intellectual Technology, Inc. (ITI), a Vicente Capital Partners (VCP) portfolio company, announced it completed its acquisition of Solutions Thru Software LTD (STS), the leading provider of driver license knowledge testing software. The acquisition significantly expands ITI's software offering for motor vehicle agencies, adding driver knowledge testing and road assessment testing software solutions. East West Bank and Caltius Structured Capital provided debt financing. Mitchell Silberberg & Knupp LLP, led by Marc Jones, provided legal services to ITI. 

STS has been providing state-of-the-art driver knowledge testing systems since 1998 and STS has gained a strong reputation for its significant knowledge of state and federal driver regulatory requirements and driver testing regulations across the U.S. and Canada. Traditionally, STS developed software for driver knowledge testing and road assessment testing for motor vehicle agencies. Recently, the company expanded its product offering to include scheduling software designed to increase operational efficiency. The combined ITI and STS now services thirty-five customer jurisdictions, including most of the major U.S. states and Canadian provinces. 

"The STS acquisition is a big milestone for ITI and our investors," stated Jay Ferguson, Managing Partner of Vicente Capital. "The two companies' products are very complementary and the combination of ITI and STS will provide our joint customers a broader product set and more resources for future needs."

"We were extremely selective in who ITI could acquire due to their excellent reputation for customer service," added David Casares, Partner of Vicente Capital. "But it was clear early on that STS was a great match. James Sodero and the STS employees were able to rapidly expand STS's position in the driver knowledge testing market with comparable high levels of customer service. We are highly confident that ITI's customers and employees will be well-served by this acquisition, given the combined resources and talent."

"This acquisition is a great strategic fit for ITI. STS is the industry leader in driver knowledge testing software and has an excellent customer service reputation," said Craig Litchin, President of ITI. "We are excited about the joint solutions we can now offer our customers. Together, we can offer best-in-class vehicle registration, license plate and driver knowledge testing software, with the capability to provide more innovative solutions to our motor vehicle agency customers. Also, STS will provide ITI with expertise and knowledge on the driver knowledge testing side of the business.

About Intellectual Technology, Inc.

Intellectual Technology, Inc. (ITI) is the leading provider of software and self-service technologies to motor vehicle agencies in North America, dramatically simplifying and securing the process of printing and monitoring vehicle registrations, tags, titles, and license plate issuances. The Company's print-on-demand software enables states to print and monitor approximately 55 million vehicle registrations and tags and 8 million license plates annually. ITI's self-service kiosks extend a motor vehicle agency's service reach to its customers to 24 hours a day either in their offices or in third party retail locations, providing convenience and reliability. ITI has over 20 years of experience and provides software solutions for motor vehicle agencies in 35 U.S. states and Canadian provinces and is a recognized leader for its quality products and exceptional customer support. Privately held by Vicente Capital Partners, ITI is headquartered in Carlsbad, California, with offices in Fort Wayne, Indiana, Las Vegas, Nevada, and Medicine Hat, Alberta, Canada.

For more information about Intellectual Technology, Inc. please visit www1.iti4dmv.com

About Vicente Capital Partners

Vicente Capital Partners is a private equity firm specializing in both non-control and control investments in growth businesses that have annual revenues between $10 million and $30 million at the time of investment. The firm's investment professionals have a long and successful track record of partnering with management teams to create and realize value across a number of different industries including:  Software Services, Business Services (outsourced services, Internet services, telecom services); Consumer Services (healthcare services, residential delivery, education); and Specialty Manufacturing (aerospace & defense, environmental products, networking/telecom equipment). Prior investments of the VCP principals include: iBwave, Overture, Rent.com, Sensor Systems, Vermont Composites, and VXi Corporation, among others.

Current investments include: SMT (SportsMedia Technology), MedBridge Healthcare, Campus Explorer, Intellectual Technology, Inc., and Global LT.

For more information about Vicente Capital Partners, please visit  www.vicentecapital.com

Vicente Capital Partners
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