Investor Relations

News Release

Printer Friendly Version View printer-friendly version
<< Back
Precision Software Joins the Blockchain in Transport Alliance
Blockchain Can Transform Freight Industry with Increased Visibility and Efficiencies

SANTA BARBARA, Calif., April 12, 2018 /PRNewswire/ -- Precision Software, an industry-leading provider of global trade management and transportation execution solutions, today announced it has joined the Blockchain in Transport Alliance (BiTA), an industry group dedicated to establishing blockchain standards for the freight industry. Precision Software is a division of QAD Inc. (NASDAQ: QADA) (NASDAQ: QADB).

"We are excited to be part of BiTA alongside other global industry leaders in transportation, logistics and supply chain. The shared knowledge will enhance our collective interaction with customers and partners," said Precision Software President, Steve Gardner.

Precision Software believes blockchain will revolutionize the freight industry. The development of BiTA standards will offer greater insights, visibility and efficiencies across all areas of transportation. Some areas BiTA standards will address include:

  • Smart contracts
  • Freight payments
  • Asset maintenance
  • Ownership history
  • Chain of custody of freight

"Joining this alliance supports Precision Software's mission to continuously improve and transform systems that automate the efficient movement of goods and simplify global cross-border trade," added Gardner.

About the Blockchain in Transport Alliance — A Standards Organization

BiTA was formed in August 2017 by experienced technology and transportation executives to create a forum for the development of blockchain standards and education for the freight industry. It brings together leading companies in the freight technology industries that share a vested interest in the development of blockchain technology. BiTA engages with the industry and provides educational resources to promote the potential benefits of blockchain technology. Over 1,000 companies have applied for membership. For more information about BiTA, please see https://bita.studio.

About Precision Software – Trusted Global Trade and Transportation Execution

Precision Software, a division of QAD Inc., (NASDAQ: QADA) (NASDAQ: QADB), provides industry-leading global trade management, transportation execution and multi carrier shipping software solutions from a single, integrated platform. Pre-eminent industry leaders in every region of the world rely on our global support centers to leverage thousands of carriers and manage millions of shipping transactions every day. The PRECISION solution's open architecture allows for integration with leading Enterprise Resource Planning (ERP), Warehouse Management Systems (WMS) and existing legacy solutions. An ISO-certified company, Precision Software assists companies around the world to minimize shipping costs, optimize first mile and last mile deliveries, avoid compliance delays and mitigate the risks associated with dynamic trading environments. Precision Software's customers span multiple industries including banking and finance, life sciences, high technology, retail, industrial, automotive, higher education and public sector as well as logistics providers. For more information about Precision Software, visit www.precisionsoftware.com or email info@precisionsoftware.com.

About QAD – The Effective Enterprise

QAD Inc. (Nasdaq: QADA) (Nasdaq: QADB) is a leading provider of flexible, cloud-based enterprise software and services for global manufacturing companies. QAD Cloud ERP for manufacturing supports operational requirements in the areas of financials, customer management, supply chain, manufacturing, service and support, analytics, business process management and integration. QAD's portfolio includes related solutions for quality management software, supply chain management software, transportation and global trade management software and B2B interoperability. Since 1979, QAD solutions have enabled customers in the automotive, consumer products, food and beverage, high tech, industrial manufacturing and life sciences industries to better align operations with their strategic goals to become Effective Enterprises.

To learn more, visit http://www.qad.com or call +1 805-566-6000.

"QAD" is a registered trademark of QAD Inc. All other products or company names herein may be trademarks of their respective owners.

Contacts:

QAD Inc.
Scott Matulis
Public Relations
818-451-8918 
publicrelations@qad.com

or

Evan Quinn
Analyst Relations
617-869-7335 
industryanalyst@qad.com

Note to Investors: This press release contains certain forward-looking statements made under the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding projections of revenue, income and loss, capital expenditures, plans and objectives of management regarding the company's business, future economic performance or any of the assumptions underlying or relating to any of the foregoing. Forward-looking statements are based on the company's current expectations. Words such as "expects," "believes," "anticipates," "could," "will likely result," "estimates," "intends," "may," "projects," "should," "would," "might," "plan" and variations of these words and similar expressions are intended to identify these forward-looking statements. A number of risks and uncertainties could cause actual results to differ materially from those in the forward-looking statements. These risks include, but are not limited to: risks associated with our cloud service offerings, such as defects and disruptions in our services, our ability to properly manage our cloud service offerings, our reliance on third-party hosting and other service providers, and our exposure to liability and loss from security breaches; demand for the company's products, including cloud service, licenses, services and maintenance; pressure to make concessions on our pricing and changes in our pricing models; protection of our intellectual property; dependence on third-party suppliers and other third-party relationships, such as sales, services and marketing channels; changes in our revenue, earnings, operating expenses and margins; the reliability of our financial forecasts and estimates of the costs and benefits of transactions; the ability to leverage changes in technology; defects in our software products and services; third-party opinions about the company; competition in our industry; the ability to recruit and retain key personnel; delays in sales; timely and effective integration of newly acquired businesses; economic conditions in our vertical markets and worldwide; exchange rate fluctuations; and the global political environment. For a more detailed description of the risk factors associated with the company and factors that may affect our forward-looking statements, please refer to the company's latest Annual Report on Form 10-K and, in particular, the section entitled "Risk Factors" therein, and in other periodic reports the company files with the Securities and Exchange Commission thereafter. Management does not undertake to update these forward-looking statements except as required by law.

QAD Logo (PRNewsfoto/QAD Inc.)

 

Cision View original content with multimedia:http://www.prnewswire.com/news-releases/precision-software-joins-the-blockchain-in-transport-alliance-300628577.html

SOURCE QAD Inc.