Acquisition of Fortsum Business Solutions Inc., with the financial support of Solidarity fund QFL and GFI informatique
GFI has simultaneously reinforced its leadership position in IT solutions consulting and development in Canada, topped $110 million in annual sales and added close to 250 new employees
Montréal, Quebec, May 21, 2009 — GFI Solutions Group Inc. (“GFI”), a leading Canadian IT consulting firm, today announced the closing of the acquisition of all outstanding shares of Fortsum Business Solutions Inc. (“Fortsum Business Solutions”), a Quebec-based company solidly entrenched in the business, accounting and banking solutions market, which has recorded substantial growth in revenues, profitability and productivity in the past two years. The acquisition was completed thanks in large part to the financial contributions of Solidarity Fund QFL and GFI Informatique.
Gilles Létourneau, GFI’s President and Chief Executive Officer, stated at the closing session: “The corporate culture, vibrant energy and reputation for excellence of Fortsum Business Solutions perfectly fit in with our own corporate values, in particular our ongoing concern for customer satisfaction. We are proud to welcome this valuable addition to our company. I am firmly convinced that our clients and all the markets we serve will benefit from the combination of our employees’ know-how and our enhanced line of products and services. I would like to point out that Fortsum Business Solutions is a sound and profitable business with successful officers along with skilled and dedicated employees. Our integration efforts will therefore focus primarily on optimizing the commercial synergies between our two groups. The expertise of the team already in place will ensure continued success of operations.”
“From a strategic perspective, the realization of this fourth acquisition in the space of five years marks a crucial milestone in our growth plan through acquisitions, which will allow us to achieve the critical mass needed for new financing prospects and attract a larger number of players to participate in GFI’s future growth and success. We are currently analyzing the various opportunities that could open up to us in this area,” concluded Gilles Létourneau.
“Through this acquisition, GFI has added new talent and enhanced its offer of IT business solutions, and as a result, it is now positioned among the leaders in its market. The Solidarity Fund QFL is a key investor in supporting Quebec-based businesses in their long-term expansion plans. We are proud to accompany GFI’s management team, which has incredible vitality and a strategic business vision that are consistent with the Fund’s ways of doing business,” said Gaétan Morin, Executive Vice-President, Investments at the Solidarity Fund QFL.
Vincent Rouaix, Chairman and CEO of GFI Informatique, noted: “Under current economic conditions, it is reassuring to consolidate the expertise of the Fortsum Business Solutions team with that of GFI, which is in very enviable financial health.”
About GFI Solutions Group Inc.
GFI is a leader in consulting and development of IT solutions and is ranked among Top 25 Canadian IT professional services companies. In addition to providing consulting services, GFI designs, develops, integrates, implements and manages IT systems and business software solutions for small, medium and large organizations from various industry sectors.
With over 1,000 employees and headquarters located in Montreal, GFI has developed three centres of excellence in the areas of transactional systems, back-office applications for the banking industry and ERP solutions. For the past five years, GFI has been pursuing an active growth strategy through targeted acquisitions including most recently, Fortsum Business Solutions Inc., Bell Business Solutions Inc., Accovia Inc. and Imagina Technology Solutions. GFI is an affiliate of the multinational group, GFI Informatique. For more information, please visit GFI’s website at: www.gfisolutions.com
About Fortsum Business Solutions Inc.
Fortsum Business Solutions is mainly involved in the development, integration, marketing and support of accounting, commercial and banking data management software. For more information: www.fortsum.com.
About Solidarity Fund QFL
With net assets of $ 6.2 billion as at November 30, 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 nearly 575,000 shareholders and has helped, on its own or with other financial partners, to create, maintain and protect over 126,000 jobs.
Forward Looking Statements
This press release may contain forward-looking statements about GFI and Fortsum Business Solutions, along with their respective business units’ objectives, strategies and businesses that involve risks and uncertainties. These statements are "forward-looking" because they are based on our current expectations on various estimates and assumptions. Actual events or results may differ materially from those anticipated in these forward-looking statements if known or unknown risks affect our business, or if our estimates or assumptions turn out to be inaccurate. GFI and Fortsum Business Solutions expressly disclaim any liability or commitment to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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For information:
| GFI Solutions Group Inc. |
 |
| Anne Hodgkinson |
Jean-Marc Simard |
| Director, Communications and Marketing |
Simard Hamel Communications |
| GFI Solutions Group Inc. |
Phone: 514 287-9811, extension 11 |
| 514 288-7161, ext. 413 |
Mobile : 514 248-5385 |
| Anne.Hodgkinson@gfisolutions.com |
j.m.simard@shc.ca |