With this move, GFI Solutions Group doubles its sales and its resources
Montréal, August 5, 2008 – GFI Solutions Group Inc., a Québec-based leader in the field of IT services for business, announced today that its subsidiary, GFI Conseils Inc., has completed, on July 31, 2008, the acquisition of Bell Business Solutions Inc, a subsidiary of Bell Canada that offers a full range of Enterprise Resource Planning (ERP) solutions for Small and Medium Enterprises (SMEs) in the private and public sectors. These business solutions complement those that are already provided by GFI in these sectors. GFI completed the transaction with the financial participation of the Solidarity Fund QFL.
Bell Business Solutions, now operating under the name GFI Business Solutions Inc., employs more than 350 IT professionals, and reports annual revenues of approximately $CAN 40 M. As a result of this transaction, sales for GFI in Canada will grow to more than $CAN 80 M annually, with activities throughout Québec, Ontario, and Manitoba. This acquisition also propels the Company into the ranks of the largest IT consulting firms in Canada.
GFI Solutions Group increases its offer to cover new territories and markets
With this acquisition, GFI extends its services to include all companies in the public and private sectors across Canada for applications intended for the municipal sector, the health industry, and the manufacturing, distribution, and printing industries.
According to Gilles Létourneau, President and Chief Executive Officer of GFI Solutions Group: “The acquisition of Bell Business Solutions is a natural extension of our global growth strategy, enhancing our offer in order to meet the overall needs of Canadian businesses. In addition to consolidating our presence across Canada in the business solutions market for companies, we anticipate significant potential for cross-selling of our consulting services in the various target sectors.”
According to Janie Béïque, Senior Vice-President, New Economy for the Solidarity Fund QFL: “The Solidarity Fund QFL is pleased to be part of the growth of GFI. With this acquisition, GFI has enhanced its competitiveness, expanded the scope of its activities across Canada, and optimized its offer of IT solutions for businesses. This is a significant transaction that positions GFI among the leaders in this sector. The Fund is also pleased to continue in its role as a key investor in the IT and telecommunications sector, by providing financial support to growing companies as they secure their place within this competitive market.”
Thanks to the combination of diversified and complementary expertises, current customers of GFI and Bell Business Solutions will also benefit from this transaction. Infrastructure services are not included in this transaction, and remain in the hands of Bell Canada.
The integration process involving work teams and areas of expertise will begin immediately.
About GFI
Based in Montreal, GFI Solutions Group Inc. is one of Canada’s leading IT consulting firms. Its services include management consulting, application development, integration of systems and applications, outsourcing, and technical writing. GFI Solutions Group also operates three business units in the areas of travel, banking, and management consulting services.
Now backed by nearly 750 professionals, GFI is one of the largest IT consulting firms in Québec, and is a member of the GFI Informatique group, an international organization with more than 9,500 collaborators worldwide and revenues in excess of CAN$ 1 billion. For more information concerning GFI, please visit www.gfisolutions.com.
About Bell
Bell is Canada's largest telecommunications company, providing consumers with solutions to all of their communications needs, including telephone services, wireless communications, high-speed Internet, digital television and Voice Over IP. Bell also offers integrated information and communications technology (ICT) services to businesses and governments, and is the Virtual Chief Information Officer (VCIO) for Small and Medium Enterprises. Bell is proud to be a Premier National Partner and the exclusive Telecommunications Partner to the Vancouver 2010 Olympic and Paralympic Winter Games. Bell is wholly owned by BCE Inc. For information concerning Bell's products and services, please visit www.bell.ca. For corporate information concerning BCE, please visit www.bce.ca.
About the Solidarity Fund QFL With net assets of $7.3 billion as at May 31, 2008, the Solidarity Fund QFL is a development capital company that through its RRSP channels the savings of Quebecers into investments in all sectors of the economy to help create and maintain jobs and to further Québec's economic growth. The Fund is a partner, either directly or through its network members, in 1,881 companies. It currently has more than 575,000 shareholders and has helped, on its own or with other financial partners, to create, maintain and protect over 126,000 jobs. For more information, visit www.fondsftq.com.
Information:
Patricia Archambault
Simard Hamel Communications
514 287-9811, extension 23
514-710-1044 (mobile)
p.archambault@shc.ca
Brett Lush
GFI Solutions Group
514 288-7161, extension 413
Brett.Lush@gfisolutions.com
Jacques Bouchard
Bell 514-391-2007
Toll-free: 1 877-391-2007
jacques.bouchard1@bell.ca
Mario Tremblay
Solidarity Fund QFL
Vice-president, Public Affairs and Communications
514 850-4892
mtremblay@fondsftq.com