April 18, 2003 | Imaginestics acquires WeToolIT, inc.
Purdue Research Park, West Lafayette, Indiana, U.S.A – Imaginestics, software developer of knowledge-based systems
for the manufacturing and life sciences industry, has today announced that it has acquired WeToolIT, Inc, a key developer
of software products and services for the tooling industry. By combining key assets, Imaginestics aims to provide customers
with innovative products for the manufacturing industry.
.
"This acquisition complements our business and is an important step forward in our strategy to expand our solution base,"
said Nainesh Rathod, President/CEO of Imaginestics. "WeToolIT has established itself as a conduit for the tooling
marketplace in the Midwest and we are excited about our association with Imaginestics to offer and deliver a comprehensive
solution to the tooling industry," Dr. Karthik Ramani, President of WeToolIT added.
Recently, WeToolIT was selected as a leading partner for ToolingNet, a project funded by the Indiana 21st Century Fund.
ToolingNet's goal is to create a vibrant on-line collaborative marketplace for the Indiana tooling industry and provide a
medium for delivering the most current technologies and training developed by Indiana's leading educational institutions.
Imaginestics has also been one of the partners in the ToolingNet project and sees this acquisition as being strategic.
It plans to replicate the ToolingNet model for other similar manufacturing market verticals.
Dr. Karthik Ramani, who is a professor in the School of Mechanical Engineering at Purdue University and director of Purdue
University's Research and Education Center for Information Systems in Engineering (PRECISE), has been appointed as the
chief scientist for the joint company and will be responsible for developing and identifying key technologies that can be
integrated with Imaginestics' current product suite.
Both Imaginestics and WeToolIT expect a smooth integration that provides customers with uninterrupted services and a
seamless transition.