MONTREAL, QUEBEC--(Marketwire - May 11, 2012) - ODESIA Group Inc. ("ODESIA" or "the Company") (TSX VENTURE:ODS), a corporation specialized in delivering business-intelligence solutions ("BI"), decision-process management and business analytics, today announced that it has acquired all issued and outstanding shares of privately-held Interfacing Technologies Corporation ("Interfacing"), a debt free Business Process Management ("BPM") software company, for $1.5 million cash and the issuance of 4.0 million shares.
Based in Montreal, Interfacing (www.interfacing.com) is a pure-play BPM software company founded in 1995. Interfacing has clients globally across all industries. Interfacing's BPM solutions are intuitively designed for business users and cover the full spectrum of process improvement and governance initiatives. Following this acquisition, Interfacing's clientele will continue receiving the same high quality service from Interfacing's dedicated staff.
"We are thrilled to have the Interfacing team join ODESIA" declared Nicolas Bonnafous, President and Chief Executive Officer of ODESIA. "This acquisition of Interfacing is the first step to create new innovative solutions under our Unified Business Intelligence ("UBI") strategy, please visit Interfacing's website at www.interfacing.com, for more information."
"Since the beginning of the year, we are delivering on all aspects of our growth plans", further commented ODESIA's president.
"This transaction creates an Intelligent Operations platform" said Meir Levi CEO of Interfacing. "We are looking forward to an exciting future as part of the ODESIA family".
Strategic and financial benefits
- Positions ODESIA as a leader in a large and growing BPM space;
- Complements ODESIA's solutions portfolio;
- Provides ODESIA with differentiated IP;
- Provides ODESIA with a larger International clientele;
- Is expected to increase revenues by approximately 20%;
- Is expected to provide higher gross margins related to the sale of software;
- Is expected to be immediately accretive to ODESIA's earnings;
New Director and International representation
Mr. Bonnafous further announced that Mr. Meir Levi, president and controlling shareholder of Interfacing, had accepted to join ODESIA's board of directors, subject to regulatory approval, and will assume the position of Senior Vice-president Business development for ODESIA.
About ODESIA Group Inc.
ODESIA is an international corporation specialized in business-intelligence ("BI") solutions, decision-process management and business analytics for large and medium-sized companies. Our mission - The right information provided at the right time, on the right platform and to the right person. Since 2006, ODESIA is listed on TSX-V. For more information visit us at www.odesia.com.
Disclaimer in regards to forward-looking statements
This press release contains forward-looking statements which reflect ODESIA's current expectations regarding future events and may involve risks or uncertainties. Actual results could differ materially from those projected herein. Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors. The forward-looking information contained in this news release is expressly qualified by this cautionary statement. ODESIA does not undertake any obligation to update or revise any forward-looking statements to conform such information to actual results or to changes in expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.