Castle Rock, Colo. - Golf Convergence, a consortium of leading golf industry consultants, served as the Strategic Equity Advisor in the recent sale of Fairway Systems to Tee Time King, Inc. Golf Convergence was retained to identify and screen potential acquisition partners, assist in the valuation of the firm and facilitate the execution of the transaction.

"What has been amazing about this engagement is that this purchase represents not a single occurrence but a trend towards the consolidation of software firms within the golf industry" said J. J. Keegan, Principal of Golf Convergence. "At the current time there are three other leading firms operating under a 'letter of intent' to be purchased over the next sixty (60) days," Keegan commented.

This transaction represents an onset of two emerging trends. First, the separation of core application software (POS, tee times, and inventory) from consumer-based applications (Handicaps and Last Minute Discounted Tee Times). Second, the acquisition from current entrepreneurs of their installed client base by national POS firms specializing in food and beverage or middle market accounting software firms who now operate on the periphery of the golf market.

The golf software industry has gotten saturated with software firms all promising viable solutions to golf course owners. Because golf course managers lack the ability to differentiate between the functionality of various software products, price is now the single criteria most frequently used in the selection of golf software. In the majority of instances this is detrimental to the golf course owner who only marginally benefits from the information captured.

Fairway Systems, established in 1989, provides golf management software to hundreds of golf courses in five countries. Currently over 2.5 million golfers utilize Fairway Systems' reservation software. The Fairway solution is a fully-integrated, Windows-based system that provides comprehensive management solutions in a tiered concept to facilitate quick use with minimal training required.

"Tee Time King's acquisition of Fairway Systems is significant in that its represents the combination of two outstanding software firms that are focused on serving municipal and daily fee golf courses with comprehensive software including the creation of regional tee time reservation sites," said Chris Mulvihill, President of Tee Time King.

Company Information: Golf Convergence is a consortium of seven leading golf experts focused on market research, customer franchise analysis, electronic messaging, digital marketing, facility branding and membership, inventory solutions and operational management. Their strengths combine to assist golf courses by maximizing revenue, increasing operational efficiency and enhancing customer service. For more information on Golf Convergence, contact James J. Keegan, Principal at 303-283-8880, or at jkeegan@golfconvergence.com.

For more information on Fairway Systems, contact Tim Bramlet at 303 790 4727 or tbramlet@fairway.com or for Tee Time King, Chris Mulvihill at 973 984 7545 or chris@teetimeking.com.

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Ann Victor
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