MONTREAL, Sept. 8 /CNW Telbec/ - ISACSOFT Inc. (TSX:ISF), - ISACSOFT today announced that it is expanding its operations internationally through the acquisition of BiblioMondo Inc., a software company specializing in library solutions for international customers, and has completed the acquisition of Americam Inc.
Acquisition of Bibliomondo, Inc.
Under the terms of the agreement to acquire BiblioMondo Inc., ISACSOFT will issue 32,500,000 shares at a price of $0.40 per share for a total value of $13,000,000 in an arms-length transaction. There is no finders fee payable on this transaction by either party.
"This acquisition will provide an established international distribution network for our products and services, along with a large, loyal customer base of mid-large sized public libraries and consortia, said Mr. Ronald Brisebois, President and Chief Executive Officer. "As libraries around the world evolve to become centers for career training and certification, ISACSOFT gains a critical international presence within this exciting new growth market.
"Mr. Ian Ferguson, currently President and Chief Executive Officer of BiblioMondo will remain with ISACSOFT and be named to the position of Chief Operating Officer at ISACSOFT after completion of the acquisition.
"Ian has demonstrated his leadership abilities in what he has achieved at BiblioMondo" said Mr. Brisebois, "and we expect him to be a strong addition to our management team.""
"This combination of our strength in the library market, coupled with ISACSOFT's e-learning content, will create a strong product and services synergy within the organization and a great deal of added value for our library customers around the world.", said Mr. Ferguson.
The acquisition of BiblioMondo is subject to the execution of definitive agreements and satisfaction of certain conditions, as well as shareholder and regulatory approval.
BiblioMondo has been innovating library technology for more than 20 years. A leading international provider of enterprise automation solutions to public, academic, special libraries and consortia, BiblioMondo delivers comprehensive consulting services and post sales support to hundreds of prestigious library clients.
Based in Montreal and established in 1986, the company produced one of the first full-scale library automation systems. With a legacy as an early adopter of what were to become watershed technologies in the library world, BiblioMondo was one of the first companies in the industry to move away from earlier text-based systems to a Web-centric architecture managed through 100% Java graphic interfaces.
Today, BiblioMondo has one of the largest networks of libraries in the world, providing comprehensive solutions and services to hundred of clients in over a thousand libraries, serving nearly 20 million users in 9 countries worldwide. Major customers include the National Library of Quebec; Lyon, France, the largest network of municipal libraries in France; Hamburg, the largest library in Germany; and, commercial customers including Hydro-Quebec.
BiblioMondo had revenues of $11,900,000 and net income of $202,000 for the year ended December 31, 2003.
ISACSOFT completes the acquisition of Americam Inc.
ISACSOFT also is announcing that it has completed the acquisition of Americam Inc. a company that specializes in multiservice smart card applications including payment for services as it had announced on August 11, 2004.
Under the terms of the agreement, ISACSOFT has issued 3,083,334 Class "A" shares and will issue up to an additional 300,000 shares on March 3, 2005. The shares issued to complete this transaction are subject to a four month holding period which expires on January 3, 2005.
"The acquisition in Americam represents another step in our development of a more complete offering for our customers", said Mr. Ronald Brisebois, President and CEO.
ISACSOFT is a provider of content-based software solutions to its international customers. The revenue model is based on software licences, copyrighted content development, recurring revenues and services. The solutions of ISACSOFT include knowledge management, e-Learning management and document management. ISACSOFT is headquartered in Montreal, Canada with sales offices in New York and Quebec City, as well as an international network of distributors.