In-Touch Survey Systems Ltd. Acquires Statopex Inc.
October 1, 2015
OTTAWA, Canada October 1, 2015 – In-Touch Survey Systems Ltd. (“In-Touch” TSXV: INX) announces that it has acquired Statopex Inc. a customer experience measurement company. Statopex, from its Montreal base, has a strong list of customers and provides its services to customers in Quebec and across Canada.
“We are very pleased to acquire such a long standing and respected company in the industry. In addition to the strong customer base, we expect this acquisition to bring significant synergies and sales opportunities across our product lines”, said Cameron Watt, President & Chief Executive Officer of the Company.
The purchase of Statopex was for a combination of cash and In-Touch shares. The cash purchase price was $1.6M with $1.3M paid upon closing and $150,000 per year over the next two years based on revenue targets being met each year. The share component was 600,000 In-Touch common shares at a current price of $0.28. It is anticipated that this purchase will add $4M in annual revenue to In-Touch.
“I am very proud of the business that we have built over the last 28 years. The strong relationships we have developed with our customers are a testament to the strength of the Statopex team. Having the additional resources of In-Touch will allow Statopex to continue to grow by offering an even broader suite of products and services to its customer base. I look forward to the future of Statopex under the larger In-Touch umbrella.” said Daniel Chailler, Founder & Past President of Statopex.
“This acquisition is in line with our overall growth strategy with a focus on the Software as a Service (SaaS) marketplace. We have not only acquired additional revenue and cash flow which may be invested in our products and services, but also a customer base to whom we will be able to sell additional products and services including our SaaS offerings,” said Watt.
Certain statements included in this news release contain forward looking statements, including the current acquisition of Statopex, anticipated increased annual revenue of the Company, which by their nature are necessarily subject to risks and uncertainties and other factors that may cause actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such statements reflect the Company’s current views with respect to future events, and are based on information currently available to the Company and on hypotheses which it considers to be reasonable; however, management warns the reader that hypotheses relative to future events which are beyond the control of management could prove to be inaccurate given that they are subject to certain risks and uncertainties.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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