A Park City-based software and consulting company said Wednesday that it will merge with a Pennsylvania-based firm in a move that will more than triple its pro forma revenues.
Park City Group Inc. said Wednesday that Prescient Applied Intelligence Inc. will merge with a newly formed Park City Group subsidiary, becoming a wholly owned operating subsidiary. Financial terms were not disclosed.
At the time the merger agreement was executed, Park City Group acquired more than 43 percent of Series E preferred stock from two Prescient stockholders and Randall K. Fields, chairman and chief executive officer of Park City Group, was appointed Prescient's chief executive officer.
The merger still needs Prescient stockholder approval but is expected to be completed by year-end. The company's current board of directors and executive management will remain in place until the merger is completed.
Park City Group's products and services and Prescient's products are designed to help retailers and suppliers. The companies said the combined operations will serve five of the top 10 grocery retailers, four of the top six dairies, several consumer products goods manufacturers and the largest magazine distributor in the country.