AmeriQuest IPO: Search For Something Else

AmeriQuest Incorporated (Nasdaq: AMQ) expects to raise $63.6 million in its upcoming IPO. Based in Cherry Hill, New Jersey, AMQ is a company that provides technology-based solutions for B2B financial processes such as procurement, accounts payable, accounts receivable and asset management.

AMQ will offer 6.15 shares at an expected price range of $11 to $13.

AMQ filed for the IPO on November 9, 2015.

Lead Underwriters: Raymond James & Associates and Stephen Inc.

Underwriters: Robert W. Baird Inc. and William Blair Inc.

Business Summary: Provider of Solutions for Business-to-Business Financial Processes

AmeriQuest provides technology-based solutions for businesses to streamline financial processes such as asset management, procurement, accounts receivable and accounts payable. The company’s product portfolio offers procurement solutions such as direct and indirect procurement, spend management solutions, accounts receivable and accounts payable automation solutions, and asset management solutions comprised of remarketing and asset financing solutions.

AmeriQuest offers CorConnect, a centralized billing program, and COR360, a cloud-based accounts payable automation software. In addition, the company offers truck financing solutions, transportation services and truck leasing services.

These two programs provide AmeriQuest’s clients with options such as credit and collections management, e-invoicing, reporting analytics and working capital management.

AmeriQuest originated as a provider of fleet management and procurement solutions within the transportation industry, and recently the company has expanded its products and services into other industries. They note in their SEC filing that their solutions are highly scalable and can be acquired in an a la carte manner for easier customization.

For the year ended December 31, 2014, AmeriQuest had over 2,250 clients, including the University of Florida, Daimler Trucks North America, Dot Transportation and Cardinal Logistics Management Corporation. They processed $12.2 billion in volume and 9.2 million transactions for their clients in 2014.