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Modernization, FoIP and Document Output Management Solutions for IBM i

Quadrant Software Acquired by Candescent Partners

Mansfield, MA (December 9, 2010) — Quadrant Software, a leading provider of Electronic Document Distribution (EDD) solutions for the IBM System i (iSeries) and Microsoft Windows enterprise platforms is announcing its acquisition by Boston-based Candescent Partners effective November 13, 2010. With over 20 years in business and 3,500 installations of its products worldwide, Quadrant Software is the developer of the popular FastFax fax servers and Formtastic electronic forms software that run on and are integrated with many IBM Series i ERP applications. Candescent led the transaction with co-investors Harbert Mezzanine Capital, Bush O’Donnell Capital Partners, Massachusetts Capital Resource Company and Brooke Private Equity Associates.

Quadrant Software, under new management, will remain in Mansfield MA and retain its employees to continue creating and refining solutions for smarter and effective solutions for the future. Quadrant Software’s co-founders Gary Langton and Peter DePierro, are exiting Quadrant Software after a transition period and remaining owners of Intellichief, LLC.

“Both Peter and myself will be working closely with the Quadrant Team and Candescent Partners over the next year to ensure a smooth and orderly transition for both customers and vendors that is free of any disruptions in customer/product support and pace of product development” stated Gary Langton.”Quadrant Software is a proven, established supplier of software already integrated with many of Intellichief’s customers. We will continue our close relationship & partnership.

Stephen M. Woodard has been named Quadrant Software’s new Chief Executive Officer. He brings a wealth of Executive and Sales Management experience to Quadrant. A software industry veteran, he has experience with both entrepreneurial and established technology companies in the U.S. and internationally. Prior to joining Quadrant, Mr. Woodard was President of Ultimus Inc. of Cary, NC, a leader in business process management solutions

“We see an opportunity to leverage the solid customer base and partnership relationships Quadrant Software has built to date and anticipate steady growth as a result,” says Steve Woodard, Quadrant Software’s new CEO. “We are excited at the opportunity to continue the great work that has been the hallmark of Quadrant Software’s success.”

Langton adds, “This is an opportunity for us to further invest in IntelliChief while maintaining the partnership that has always existed between Quadrant Software and IntelliChief. This transaction is a positive one for all stakeholders, capitalizing on the continuity of the business for owners, customers, and business partners. We are thrilled to be able to complete a transaction that is a positive event for all involved.”

Both Langton and Woodard stress the importance of the partnership between the two companies as a foundation for each of their ongoing success and remain committed to working closely with each other.

About Quadrant Software, Inc
Quadrant Software, an Advanced IBM Business Partner, is the leading provider of Electronic Document Distribution (EDD) solutions for the IBM i (System i, iSeries, AS/400) and Windows enterprise. Since 1990, Quadrant Software has developed easy-to-use, leading edge software for both IBM i and PC networks. Quadrant Software provides enterprise-class PPM applications to Global 2000 companies world-wide and in a variety of industries. This includes electronic forms, fax servers, MICR checks, and barcode labels, products. Over the years, they have helped companies reduce expenses, increase productivity, and improve communication. Quadrant Software has offices in Massachusetts. For more information on Quadrant Software products call +1-508-594-2700, or visit www.quadrantsoftware.com

About IntelliChief, LLC
IntelliChief, is the leading provider of Paperless Process Management (PPM) solutions for the IBM i (System i, iSeries, AS/400) Enterprise. With decades of expertise in the market and seamless integration with leading ERP software vendors, IntelliChief takes companies of all sizes paperless with a typical ROI of less than 8 months. Users can create, capture, manage, archive, retrieve, and distribute mission-critical documents directly from their familiar ERP screens, eliminating the need for filing cabinets, storage facilities, fax machines, copiers, and paper files. IntelliChief has offices in Boston, Tampa and London. For more information on IntelliChief call +1-508-594-2700, or visit www.intellichief.com

About Candescent Partners, LLC
Candescent Partners is a Boston-based private equity firm that invests in the acquisition, growth and recapitalization of lower middle market companies in healthcare services, business services, software and consumer products and services. Candescent Partners, LLC was founded by Steve Jenks and Sandy McGrath.