Pinpoint Software Inc. of Madison will be acquired by Applied Data Corp. (ADC), a Tampa, Florida-based firm that makes software for food retailers, according to a Tuesday announcement.
ADC will incorporate Pinpoint Software's expiration date management platform, Date Check Pro, used by grocers including Raley's and Metcalfe's Market, into its suite of operations software products to help its customers decrease food waste and increase sales, according to a press release.
“As a company, we’re committed to enhancing all store operations for food retailers," ADC CEO Shamus Hines said in a statement. "With elevated consumer interest in sustainability, retailers are faced with the challenge to reduce food waste while also driving sales, and that is where both ADC and Pinpoint come into play.”
Since its founding in 2011, Pinpoint Software raised just over $1.3 million through a series of project-focused seed rounds, said Pinpoint Software CEO and founder Andrew Hoeft. Investors include gener8tor, BrightStar Wisconsin Foundation Inc. and Wisconsin Investment Partners.
Pinpoint Software was among the first companies to participate in the gener8tor flagship accelerator program in Milwaukee in 2012. Of the 149 companies gener8tor has invested in, 11 have been acquired, according to gener8tor's website. Pinpoint was also one of four winners in last year's Wisconsin Innovation Awards and was the Wisconsin Grocers Association's 2019 vendor of the year.
The terms of the acquisition deal were not disclosed. The entire Pinpoint team, which includes 10 full-time employees, will remain in place, said Hoeft, who will assume a new title as head of Pinpoint and senior vice president of solutions architecting at ADC.
Pinpoint will maintain its Madison office at 2820 Walton Commons W., Suite 118. The company expects "many upcoming hires" to be based there, Hoeft said. Its other products include Date Check Pro for Healthcare and Taskle, an in-store task management software platform.
ADC's existing products, including the fresh item management platform FreshIQ and fulfillment orchestration platform ShopperKit, are used by more than 20,000 grocery and convenience store locations worldwide.
ADC has 60 employees, according to its announcement, and is backed by Chicago private equity firm Prairie Capital.
