COGNICASE Completes Acquisition of Ezenet
MONTREAL and TORONTO, CANADA--SEPTEMBER 25, 2001 - 09:33 EDT
COGNICASE Inc. (NASDAQ: COGI) a
provider of advanced transaction processing solutions and
Internet-based applications, announced today the closing of the
deal to acquire all the issued and outstanding shares of Ezenet
Corp. (TSE: EZE). The transaction is valued at approximately $54
million. Ezenet is a Toronto-based software developer that
provides next-generation wealth management transaction processing
and Web-based utilities for financial institutions.
Under the transaction, each common share of Ezenet will be
exchanged, at the option of each holder of Ezenet for (a)
redeemable preferred shares of COGNICASE Acquisition Corp., a
wholly-owned subsidiary of COGNICASE, which will be redeemed two
business days following the effective date of the transaction for
a price payable in cash of $3.16 per share subject to the maximum
aggregate cash consideration of $20 million or (b) 0.570 common
share of COGNICASE. Ezenet shareholders who elected to receive
only redeemable preferred shares will, as a result of the maximum
aggregate cash consideration of $20 million, receive approximately
50% of their elected amount in preferred shares and approximately
50% in COGNICASE common shares.
The transaction has been approved by the Boards of Directors of
COGNICASE and Ezenet as well as by 99.5% of Ezenet shareholders
voting at a special meeting held today in Toronto.
According to COGNICASE Chairman of the Board, President and CEO
Ronald Brisebois, "This amalgamation adds critical mass to our
existing banking systems expertise, adds to our list of blue-chip
clients, and enhances our positioning in the financial services
sector by increasing our presence and capabilities in the Toronto
market".
Jay Cashmore, President and Chief Executive Officer of Ezenet
Corp. stated, "We are extremely pleased to join our forces with
those of COGNICASE". The combination of our resources strengthens
our ability to provide financial institutions with new products
and services to complement our wealth management offering and to
continually provide our clients with better service."
About COGNICASE
COGNICASE (TSE: "COG", Nasdaq: "COGI") is an IT products and
services provider specializing in advanced transaction processing
and Internet-based applications. Relying on its results-driven
approach, its software and technology and its international
Internet engineering and hosting centre, COGNICASE offers secure
and scalable solutions that contribute to its customers' economic
success in the age of the new economy. The Company is active in
several countries, including Canada, the United States, France,
Spain, Belgium, and the Netherlands.
About Ezenet
Ezenet (TSE: EZE) develops customer-centric technologies for
financial institutions to expand their wealth management business.
Ezenet's software is the first to manage and aggregate customer
account information, provide personal financial planning tools and
enable straight-through transaction processing. Accessible
through any medium - Web, wireless, branch or agent - Ezenet
technology enables financial institution customers to access
current and comprehensive information about their finances and be
proactive in managing their financial affairs. Ezenet's proven
technologies and industry expertise have helped major financial
institutions brand their image in a Web-based environment,
increasing sales and building long-term customer loyalty. For
more information on the company or its products, please visit
www.ezenet.com. |
