iTradeNetwork to Acquire Provision X

LIVERMORE, Calif. - iTradeNetwork, a firm that provides collaborative workflow solutions to the perishables industry, has signed an agreement to acquire Provision X, a Web-based private network, which was built by six leading companies (IBP, Excel Corporation, Farmland National Beef, Farmland Foods, Gold Kist and Tyson Foods). Specific terms of the transaction were not disclosed.

"ITN and ProvisionX combined is a powerful collaborative solution that will deliver significant value for the entire supply chain. We believe this is a positive step in the right direction, and we look forward to working closely with our customers on improving their entire supply chain process with the ITN solution," said Dick Bond, fresh meats and retail group president of Tyson Foods.

"ITN's focus is to continue to build critical mass in the perishable food marketplace and deliver value to our customers. IBP, Excel Corporation, Farmland National Beef, Gold Kist and Tyson Foods are quality suppliers in the food industry and we are excited to begin working with them in the future," said Robert Bonavito, CEO of ITN.