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Sole Source Capital-Backed Supply Chain Services Acquires Coridian Technologies, Inc.

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SANTA MONICA, Calif., Dec. 2, 2020 /PRNewswire/ — Sole Source Capital LLC (“Sole Source” or the “Firm”), an industrial-focused private equity firm providing capital to North American lower-middle market companies, today announced that its portfolio company, Supply Chain Services (“the Company”), a premier provider of automatic identification and data capture (AIDC) and factory automation solutions to customers across North America, has acquired Coridian Technologies, Inc. (“Coridian”), a leading provider of product identification and data collection solutions for the healthcare, manufacturing, and warehouse/distribution industries.

Headquartered outside of Chanhassen, Minnesota, Coridian is a best-in-class provider of innovative labeling, barcoding, data collection, and RFID solutions. Celebrating their 24th year in business, the Coridian team has over 300 years of combined experience providing innovative solutions from world-class auto-identification and labeling manufacturers such as Zebra Technologies, Brady, and Honeywell. Coridian's solutions include labels, printers, scanners, software, mobile computers, and software development, as well as integration and service components.

Supply Chain Services, which was acquired by Sole Source Capital in May 2020, delivers innovative automated data collection solutions to nearly 3,000 customers, providing critical technology that allows businesses to become more efficient and responsive. Through this acquisition of Coridian, the Company expands its portfolio of high-quality products and customized solutions. This transaction marks the Firm's third add-on transaction for Supply Chain Services following Dasco Label and Miles Data earlier this year.

“We are excited for Coridian to join the Supply Chain Services family,” said Michael Cleary, President and CEO of Coridian. “We are very proud of the company we have built over the past 24 years and know that partnering with the teams at Supply Chain Services and Sole Source Capital will help take Coridian to new heights.”

“This is a very exciting time for our organization and Supply Chain Services is thrilled to combine our collective expertise with the team at Coridian. Our two organizations are closely aligned in our values with absolute dedication to our customers, employees, and communities,” stated Dave Green, CEO of Supply Chain Services.

“We are very impressed with Coridian's employees, service offerings, and the end-markets it serves,” said David Fredston, Managing Partner of Sole Source Capital. “We look forward to preserving the legacy that the Coridian team has built over the years and are excited to add their expertise to the Supply Chain Services organization.”

About Supply Chain Services
Headquartered in Oakdale, Minnesota, Supply Chain Services is a North American value-added reseller of barcoding and data collection solutions. As experts in data collection technology, the Company works to provide knowledgeable sales and information technology expertise to increase efficiency and productivity to a wide range of end markets such as food processing and distribution, grocery, healthcare, e-commerce, manufacturing, and logistics services. For more information, please visit www.supplychainservices.com/.

About Coridian
Headquartered in Chanhassen, Minnesota, Coridian delivers unprecedented value to manufacturing, warehouse/distribution, and healthcare companies by solving identification, tracking, and data collection challenges. Coridian's solutions include labels, printers, data collection tools, software, and integration services backed with quality support to help others succeed.

About Sole Source Capital
Sole Source Capital is a private equity investment firm that brings a data-driven, operational approach to the lower-middle market. The firm executes a disciplined strategy that targets high-growth industrial sub-sectors including precision manufacturing, diversified distribution, and industrial services. Sole Source seeks to partner with strong management teams and founder-owned businesses that will benefit from the team's operating and M&A capabilities. For more information, please visit http://www.solesourcecapital.com or contact [email protected].

Cision View original content:http://www.prnewswire.com/news-releases/sole-source-capital-backed-supply-chain-services-acquires-coridian-technologies-inc-301183905.html

SOURCE Sole Source Capital

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PenFed Credit Union Named 'Top Ten Military Friendly® Company for 2021' by VIQTORY Media

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TYSONS, Va., Jan. 25, 2021 /PRNewswire/ — PenFed Credit Union, the nation's second-largest federal credit union, today announced for the second year in a row it was selected by VIQTORY Media as a Top Ten Military Friendly® Company. PenFed is ninth on this year's list of Military Friendly Companies.

The independent list measures an organization's commitment and efforts in creating sustainable and meaningful career paths, community outreach, brand enthusiasm, and enduring partnerships for members of the military community. The full employers list and a profile celebrating PenFed will be published in the March 2021 issue of GIJobs Magazine®.

“PenFed is honored to once again be recognized by VIQTORY media for our commitment to the military community,” said PenFed Credit Union President/CEO and PenFed Foundation CEO James Schenck. “At PenFed, we celebrate the passion and resilience of veterans and military spouses. As our team of 2,700 financial professionals grows in 2021, we will continue our robust recruiting efforts within the military community.”

As part of an ongoing commitment to hiring and supporting the military community, PenFed operates a Military Employment Program focused on every phase of the employment lifecycle for all members of the military community – including veterans, military and surviving spouses, wounded warriors and their caregivers, Reservists and National Guardsmen.

In addition to spending 20% of its recruiting budget on hiring and retaining veterans and military spouses, PenFed collaborates with dozens of military employment organizations, as well as dozens of installation Transition Assistance Program offices, to enhance military employment efforts. Members of the military community interested in a career with a military-friendly company are encouraged to visit PenFed's designated Military Webpage. The military webpage allows members of the military community to join our military talent community and search for jobs based on their skillsets.

PenFed has a strong legacy of being a military-friendly company and donates 2% of its annual net income to charitable organizations, with the majority going to military charities. The PenFed Foundation, a national 501(c)3 founded by PenFed Credit Union, was created in 2001 and, since then, has provided more than $38.5 million in financial support to veterans, active-duty service members, families and caregivers.

About PenFed Credit Union

Established in 1935, Pentagon Federal Credit Union (PenFed) is America's second-largest federal credit union, serving over 2 million members worldwide with over $26 billion in assets. PenFed Credit Union offers market-leading certificates, checking, credit cards, personal loans, mortgages, auto loans, student loans, and a wide range of other financial services with members' interests always in mind. PenFed Credit Union is federally insured by the NCUA and is an Equal Housing Lender. To learn more about PenFed Credit Union, visit PenFed.org, like us on Facebook and follow us @PenFed on Twitter. Interested in working for PenFed? Check us out on LinkedIn. We are proud to be an Equal Employment Opportunity Employer.

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/penfed-credit-union-named-top-ten-military-friendly-company-for-2021-by-viqtory-media-301214097.html

SOURCE PenFed Credit Union

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INTENSE Cycles Adopts MSTS' Credit as a Service to Bolster Customer Payment Options

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OVERLAND PARK, Kan., Jan. 25, 2021 /PRNewswire-PRWeb/ — MSTS, a global B2B payment and credit solutions provider, today announced the launch of its Credit as a Service® (CaaS) solution for INTENSE Cycles, a leading manufacturer and retailer for mountain and racing bikes, parts, and gear. The technology will allow INTENSE Cycles to offer its dealers net terms and payment by invoice.

“In the past year, we've seen our customer base grow as more people take an interest in outdoor activities,” said Michael Ford, Director of Finance and Operations at INTENSE Cycles. “While flexible payments have always been top of mind for us, this increased demand further accelerated our need to extend credit. Given MSTS' deep expertise in serving business-to-business ecommerce and manufacturing customers, we knew they were the right trusted payments partner for INTENSE Cycles. We look forward to leveraging MSTS' technology to better serve our dealers and end customers now and into the future.”

Following the rise of stay-at-home advisories due to the COVID-19 pandemic in 2020, INTENSE Cycles saw an uptick in demand among bike enthusiasts and newcomers. Consequently, the company recognized the need for flexible payment terms and invoicing for its dealers that are increasingly purchasing larger quantities of bikes and parts. INTENSE Cycles adopted MSTS' white-labeled, payment solution which enables the extension of credit and invoicing at checkout on the company's ecommerce platform. As a result, dealers are able to bring a wider range of bikes, parts, and gear to store locations, ultimately improving the end-user purchasing experience.

“INTENSE Cycles' robust ecommerce platform showcases its true market leadership in the cycling industry,” said Brandon Spear, CEO of MSTS. “We're proud to provide the company with the technology necessary to free INTENSE Cycles from the logistics of payments processes, and instead, allow them to cultivate long-lasting relationships with its dealer network and end customers.”

To learn more about MSTS' credit and payment solutions, visit http://www.msts.com.

About MSTS

MSTS is a global leader in B2B payment and credit solutions, facilitating $6 billion in transactions per year in 17 currencies for customers in more than 190 countries. Our cutting-edge Credit as a Service® (CaaS) solution is setting the stage for the future of omni-channel B2B payments. The company specializes in payment and credit management for B2B companies across transportation, manufacturing and distribution, retail, eCommerce, and marketplaces. MSTS' Credit as a Service solution is a suite of applications and services that facilitates B2B payments by extending terms, handling invoicing and managing collections.

Media Contact

Sarah Erickson, MSTS, 312-561-2491, [email protected]

 

SOURCE MSTS

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Scholarships Available to Students in FCC Short-Term Workforce Training Programs

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FREDERICK, Md., Jan. 25, 2021 /PRNewswire-PRWeb/ — Students enrolling in non-credit courses at FCC leading to employment, licensure, or job skill enhancement are eligible to receive financial assistance through the Workforce Development Sequence Scholarship from the State of Maryland.

This scholarship is available to prospective students and those already registered in one of the specific course series for the spring semester (January 2021June 2021). Course sequences approved for these scholarships can be found here and include courses in automotive technology, child care, electrical, HVAC, welding, medical billing and coding, veterinary assistant, sterile processing, certified nursing assistant, and the Microsoft Foundation series. The maximum amount for the scholarship is $1,000.

To be eligible for this scholarship in spring 2021, students must fill out this online application and submit all required documents.

For more information, contact Treasure Mathis at [email protected].

Media Contact

Caroline Cole, Frederick Community College, (240) 629-7918, [email protected]

 

SOURCE Frederick Community College

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