CHICAGO, IL. -- February 6, 2001 -- Prime Advantage Corporation announced last week that it acquired Logistics Management, Inc. (LMI), a company that sells software for freight cost reduction and administration for manufacturers and distributors.
In 2000, Chicago-based Prime Advantage tripled its membership and closed a $23 million third round of funding led by Olympus Partners. By acquiring LMI, Louise O'Sullivan, president and co-founder of Prime Advantage, hopes to strengthen their offering in direct goods, indirect goods and services, and logistics management. We know LMI well, as they have been an Endorsed Supplier to our buying group since its inception, she said.
LMI is a perfect fit. Their approach to logistics addresses a key area of cost for our membership, added Mark McKinney, executive vice-president, COO and co-founder.
The private transaction marks Prime Advantage's first acquisition since completing its third round of funding in the fall of 2000.