Aftersoft Gets New Financing Deal

Chester based Aftersoft Group Inc., which supplies business software to the automotive aftermarket, has successfully completed a revolving credit and term loan agreement with ComVest Capital LLC, raising US$6 million in funds for working capital and other general corporate purposes.

Ian Warwick, Aftersoft’s chairman and CEO, said “we have successfully completed a complex financing agreement in a difficult market environment, which reflects the value, stability and growth potential of Aftersoft’s diverse businesses in the automotive aftermarket. Our management team can now turn its full attention to building those businesses, with the ultimate goal of duplicating in the US and other markets the growth and success we have achieved in the UK. In addition, we can now accelerate our efforts to complete the spin-off of Aftersoft from Auto Data Network.” (Tire Review/Akron)