On March 30, 2020, Apex Supply Chain Technologies entered into a transaction with Fastenal Incorporated. That transaction, as detailed in the Fastenal issued SEC filing 8K on March 30, 2020, involved certain Apex Supply Chain Technologies assets being sold to Fastenal Incorporated. The assets are all entirely affiliated with the software, hardware, supply chain, service and support of all Apex products developed to support the Fastenal MRO business. Those assets included software, hardware, intellectual property, drawings, supply chain contracts, designs and a small delegation of Apex Supply Chain Technologies personnel directly associated with the support of the Fastenal MRO business line. The purpose of the all cash transaction was to enable Fastenal to continue to build out its commitment to automated vending solutions while remaining competitive in the markets. Fastenal has had license to its own separate instance of Trajectory cloud software since 2010 and has operated and hosted this discrete software instance since 2017. This final step is a logical move of further desired independence.
Going forward, Apex continues to have access to all device software, IP, hardware and supply chains now shared by Fastenal including Apex’s own separate instance of Trajectory cloud software in order to support its legacy customer base for the foreseeable future. Apex has made a significant investment in new technology platforms for the future. Those include new hosted software solutions and hardware platforms that unlock benefits with our existing customers along with new growth markets. Looking ahead, Apex will strive to maintain market leadership in new market areas like automated pickup solutions in food service and retail, enterprise asset management solutions in distribution and transportation & logistics, management and dispensing of IT assets and accessories and will call automated pickup solutions for our industrial B2B customers.
Apex is respectfully celebrating the evolution of a 12-year partnership with Fastenal with the completion of this transaction. As an organization we look forward to the future and to the near limitless potential for growth that the markets and opportunities we observe will unlock for us in the coming months and years. We look forward to serving your needs and taking that journey with you.
Chief Executive Officer
Apex Supply Chain Technologies