Monday, AFS Technologies Inc., a part of Wells Fargo & Company (WFC) announced that it has acquired certain assets of Softrax Corp.,a provider of revenue management and billing solutions. Softrax's assets, which will be managed by AFS Financial Solutions, Inc, a wholly-owned subsidiary of AFS, were acquired for cash, and funded by AFS's own cash balances.
The Softrax acquisition is the first phase of a planned expansion by AFS to broaden its powerful and scalable enterprise technology platform and SaaS applications into other industry sectors. Currently, over 1,000 customers in the food, beverage, logistics, and supply chain sectors utilize AFS's enterprise software solutions.
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