InvoTech Systems Inc., a Woodland Hills inventory management software developer serving the hospitality industry, was acquired late last month.
Terms of the deal between the buyer, HID Global Corp. in Austin, Texas, and InvoTech were not disclosed.
Harvey Welles, chief executive of InvoTech, said that the company was pleased to have completed the transaction on Dec. 23 with a “world class organization” such as HID Global, which shares its values as family-owned and operated business.
“Our companies have developed a strong working relationship over an extended period, and we are extremely excited about the ability to continue the growth and development of InvoTech under the leadership of HID,” Welles said in a statement.
InvoTech is now part of HID’s identification technologies business area led by Marc Bielmann, senior vice president and head of identification technologies, according to a news release from HID Global.
Calabasas Capital acted as the investment banking firm for InvoTech in the deal.
David Bonrouhi, managing director of Calabasas Capital said that the firm was honored to have worked with Welles and Chief Financial Officer Jennifer deSpain in helping the family complete the transaction.
“HID Global is the perfect partner to accelerate growth into new and expanded markets by leveraging InvoTech’s dominant position as the leading inventory management software solutions provider for uniforms and linens in the hospitality sector,” Bonrouhi said in a statement.
Founded in 1993, InvoTech provides software for managing the lifecycle of employee uniforms, identifying, counting and tracking linen and tracking and managing laundry activity for such clients as Hilton Hotels & Resorts, Hyatt Hotels & Resorts and Universal Studios theme parks.