COGNICASE Signs $10 Million FinanciaLinx ASP Contract
MONTREAL, QUEBEC--APRIL 12, 2002 - 10:29 EDT
* Forms Consortium with Bank of Montreal and Lease Administration
Corporation
* Manage the IT Leasing Platform
COGNICASE Inc. (TSE: COG, NASDAQ: COGI), an innovative IT
solutions provider specializing in the development and integration
of transactional solutions, announced today the signing of a
multi-year processing and support agreement with financiaLinx
Corporation. FinanciaLinx provides origination, administration and
financing of car leases to over 1,350 dealers across Canada,
including operating the lease programs for Nissan, Hyundai and
Kia. Funding for these leases is provided by the Bank of Montreal.
COGNICASE will provide business process outsourcing (BPO) and
application service provider (ASP) services to financiaLinx under
a multi-year agreement valued initially at $10 million. These
services will include application support for the leasing systems,
ASP operations, network management, the provision of
infrastructure support and payroll. COGNICASE will provide all
technology and applications to support the financiaLinx business,
allowing financiaLinx resources to focus on their core strengths
in developing the leasing business.
According to COGNICASE Chairman of the Board, President and CEO
Ronald Brisebois, "This transaction adds breadth and depth to our
leasing product offerings to both the retail and automotive
sectors. Our comprehensive leasing platform will support the total
automation of lease processing, including origination, credit
approval, and administration through to funding. It also opens the
doors to new geographic markets with significant potential in the
U.S."
As part of the overall restructuring of fLinx, a consortium of
COGNICASE, Bank of Montreal and Lease Administration Corporation
have acquired all of the share capital of financialLinx from CIT
Financial Limited.
Jeff Fallowfield, CEO of financiaLinx stated, "This relationship
with COGNICASE will enhance our leadership position in Canada for
technology-based leasing, providing the most cost-effective
solution for automotive dealerships. We are the only lessor to
conduct 100% of our business online, and have to date processed
over $3 billion in lease originations electronically. Having
COGNICASE as a shareholder partner whose main focus is information
technology will allow us to develop even better tools for our
dealers to improve the services they provide to their customers."
About COGNICASE
COGNICASE Inc. (TSE: "COG", NASDAQ: "COGI") is an IT products and
services provider specializing in financial solutions, 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 financiaLinx
FinanciaLinx was created out of Newcourt Credit Group's purchase
of AT&T Capital and the subsequent alliance with the Bank of
Montreal. Currently managing a rapidly expanding portfolio of over
95,000 active vehicle leases, financiaLinx provides leading-edge,
Internet-based leasing services to hundreds of vehicle dealers
across Canada. |
