Richmond supply chain software companies Tactiq and GlobalWorx Inc. are merging.
Terms of the deal, which was announced Wednesday, were not disclosed.
The combined company will take on the Tactiq name and will operate from a new HQ on Midlothian Turnpike, the companies said. Operations for customers of both companies will remain the same “in the short term,” they said.
Both companies work in the direct-store-delivery industry. Tactiq, which was founded in 2004 and last year changed its name from DSD Partners, offers software-as-a-service products for consumer packaged goods, including out-of-stock management and an invoice simplifying platform. Its customers include CVS, Dollar General and Coca-Cola.
GlobalWorx, founded in 2005, has built a collaboration platform for the food retail industry, serving grocery chains and other big-box stores, including brands like Harris Teeter and Food Lion.
“DSD is complex and fragmented, and Tactiq is going to be the organization that unifies it,” Tactiq CEO Mark Devooght said in a statement. “We’re creating a single platform on which [direct-store-delivery] can operate, putting an end to fractured supply chain communications. Our combined suite of products will help everyone across the supply chain – retailers, distributors and manufacturers – improve their profitability and grow their businesses intelligently. We’re able to do that by putting real-time, store-level data at everyone’s fingertips, helping to ensure products are on shelves when customers need them and invoices are paid within the agreed upon terms.”
The combined company plans to make product and technology investments following an organizational integration, Devooght said in a statement. Those investments will focus on creating a single platform that handles all direct-store-delivery operations.
Last year, Tactiq said it employed about 90 workers. GlobalWorx employs about 33 workers, according to PitchBook.
Goodwin Procter served as Tactiq’s legal adviser in the deal, while GlobalWorx retained Stephens Inc. as financial adviser and Williams Mullen as legal adviser.
