COGNICASE to Bolster Presence in Energy Vertical, To
Acquire CYME International Inc.
MONTREAL, QUEBEC, CANADA--FEBRUARY 7, 2002 - 15:05 EST
COGNICASE Inc. (TSE: COG, NASDAQ: COGI),
an innovative IT solutions provider specializing in the
development and integration of transactional solutions, today
announced that it has entered into a letter agreement for the
acquisition of CYME International Inc.
The transaction is conditional upon the approval of the Board of
Directors of COGNICASE, other usual conditions including
satisfactory due diligence, as well as the absence of material
adverse change in the business and financial conditions of CYME.
CYME is a world-wide supplier of high-quality PC-based power
engineering software applications. Its client base includes
electric utilities, industrial organizations, consultants and
research or teaching institutions in some 100 countries. The
company is also a licensee and partner in software development
with a number of other organizations including Hydro-Quebec. Its
products meet strategic planning needs for both transmission and
distribution networks. They also enable network operators to
proactively manage networks via real-time simulations aimed at
reducing network downtime.
With its global reach, CYME will further allow COGNICASE to
position itself as a leading player in the energy and public
sector markets. Pursuing the significant world-wide potential of
this industry vertical is a key element in reaching targeted
business objectives for 2002.
COGNICASE's Chairman of the Board, President and CEO Ronald
Brisebois explained, "CYME will constitute an important building
block for adding software solutions and expertise to our new
energy and telecommunications vertical aimed at developing and
marketing IT products and services for the energy and telecom
industries. Along with the recent acquisition of M3i Systems, the
acquisition of CYME will also complement existing energy offerings
and provide additional cross-selling opportunities in the energy
sector."
Yvan Robichaud, President and Chief Executive Officer of CYME
International stated, "By becoming part of COGNICASE, CYME will
benefit from considerable resources to offer its clients
integrated solutions and maintain its international leadership
position. We will be better equipped to face the competition
because the market is increasingly requiring suppliers able to
offer a range of solutions."
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 Application Services
Technology 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 Canada, the United
States, and Europe.
About CYME International
CYME International is a major supplier of Electric Power
Engineering Software with clients in some 100 countries. |
