Teranet Inc.

Teranet Inc.

July 30, 2009 09:00 ET

Teranet Announces Acquisition of Atsource Solutions Inc.

Innovative Discharge-of-Mortgage Product Adds to Teranet's Service Offering

TORONTO, ONTARIO--(Marketwire - July 30, 2009) - Teranet Inc. today announced it has completed the acquisition of Atsource Solutions Inc., a developer and provider of secure online mortgage discharge services. Based in Surrey, British Columbia, Atsource will continue to operate under its own management led by its President, Don Markley.

Atsource is an innovative company which has created a unique payout exchange and mortgage discharge solution that will soon be available to Teranet clients.

"The strategic logic of this acquisition is compelling. Atsource's product offering fits with ours. It gives us a new service to offer clients as well as a solid foundation to build our business in Western Canada," said Jay A. Forbes, President and Chief Executive Officer of Teranet. "We are pleased to be able to add an entrepreneurial company and innovative product to Teranet, enhancing our breadth and depth of services."

The transaction is also positive for Atsource. "Teranet's resources strengthen our ability to further develop and support our product for existing clients and take it to new clients," said Don Markley, President of Atsource. "Both businesses will benefit from this transaction. We can work well together while we maintain the business in Surrey which is important to our customers and employees and we look forward to growing the business with Teranet."

The acquisition was completed on Friday, July 17, 2009. Financial terms were not disclosed.

About Atsource

Atsource Solutions Inc. provides its mortgage discharge product to legal professionals and financial institutions across British Columbia. The mortgage discharge product automates the process involved in discharging a mortgage at the British Columbia Land Title Registry in a secure, online environment. For more information about Atsource, visit www.atsourceinc.ca.

About Teranet

Teranet offers e-services to the legal, real estate, government, financial and healthcare markets. Teranet provides exclusive access to Ontario's Electronic Land Registration System, enabling customers to conduct electronic registrations as well as title and writ searches relating to real property. Teranet has also leveraged its core competencies to create electronic service offerings in complementary areas, including property information, transaction management, collateral risk management, geospatial information, workflow software and enterprise solutions. For more information about Teranet, visit www.teranet.ca.

Contact Information

  • Lute & Company
    John Lute
    Teranet Inc.
    Zahir Manek
    416-360-5263 ext. 2079