QK Holdings Inc., a privately held New York-based supply chain management and integration firm, has acquired substantially all of the outstanding shares of Commerce Technologies Inc. (CommerceHub) in an all-cash transaction. As part of the deal, CommerceHub founder Frank Poore will step down as CEO, but remain on the board of directors.
Founded in 1997, CommerceHub is a supply-chain management and integration services company for major retailers including Costco, QVC, Staples, Target, Sears, Kmart, ShopNBC, Walgreens, Home Depot, Kohls, Circuit City, Discovery Channel and others.
“We are very excited by this acquisition,” said QK president David Apostolico. “QK has held a significant stake in CommerceHub since 2001. We have been delighted with the company’s service offerings as well as their continued business success and talented management team. We are confident that CommerceHub will maintain and expand its leadership position in supply chain management and integration systems."
A search for a new CEO is underway, QK says. CommerceHub co-founder and chief technology officer Richard Jones is also resigning, but will remain active with the company as a consultant, QK says.
Terms of the deal were not disclosed.
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