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ISACSOFT Inc announces the sale of its training division

Press Release: MondoIn [October 30, 2007]

Copyright (c) 2007 MondoIn

Abstract: ISACSOFT announced the sale of its training division Versalys to Synesis Inc. In line with the review of strategic alternatives that started in February of this year, the board of directors approved the sale of the division, for a total consideration of close to $800,000. Synesis Inc. will pay $400,000 in cash and will take responsibility for prepaid courses at the time of the closing while ISACSOFT will keep accounts receivable and payable that remain at the signing of the contract.


MONTREAL, Nov. 30 /CNW Telbec/ - ISACSOFT Inc. (TSX-V: ISF) announces the sale of its training division Versalys to Synesis Inc. In line with the review of strategic alternatives that started in February of this year, the board of directors approved the sale of the division, for a total consideration of close to $800,000.

Synesis Inc. will pay $400,000 in cash and will take responsibility for prepaid courses at the time of the closing while ISACSOFT will keep accounts receivable and payable that remain at the signing of the contract.

"After a strategic review of the marketplace and of ISACSOFT'S positioning, we have concluded that our focus would now be essentially on the library data management software segment of our company. We have worked, since the end of 2006, to make the appropriate changes in order to generate positive Ebitda from our training division Versalys. This turnaround enabled us to complete the sale. We will now concentrate all of our efforts on the library software segment with the goal of strengthening shareholder value." said Ronald Brisebois, chairman of the Board and President and chief operating officer of ISACSOFT INC.

About Isacsoft

ISACSOFT is a provider of software business solutions, information technology-training and systems integration consulting to its national and international customers. The revenue model is based on software licences, recurring revenues and strategic projects targeting key customers. ISACSOFT is headquartered in Montréal, Canada with offices in Québec City, Paris, London, Cologne and The Hague.

Publication Year:2007
Type of Material:Press Release
LanguageEnglish
Issue:October 30, 2007
Publisher:MondoIn
Company: MondoIn
Subject: Mergers and acquisitions
Permalink: http://librarytechnology.org/ltg-displaytext.pl?RC=12895
Record Number:12895
Last Update:2012-12-29 14:06:47
Date Created:2007-11-30 22:29:17