JUNE 16, 1998 COGNICASE Increases Presence in Toronto and Ottawa
Through Acquisition of Marinbridge Corporation Limited
MONTREAL, QUEBEC--COGNICASE Inc. (Nasdaq: COGIF) announces the
acquisition of Marinbridge Corporation Limited, a Canadian
information technology (IT) consulting and systems integration
firm with sales of US$7.5 million (CAD$11 million) and more than
100 employees. The acquisition, to be accounted for as a
purchase, is for a consideration of US$7.5 million (CAD$11
million) in cash and shares.
"Marinbridge is a profitable and fast-growing IT company with a
solid market position in Toronto and Ottawa which strengthens our
presence in both of these important regions," said Ronald
Brisebois, President and Chief Executive Officer of COGNICASE.
"The company has strong customer base and high-performance
software tool for conversions from legacy environments to current
client/server and Web environments which complements our industry-
leading toolsets for software conversion and platform migration."
Among Marinbridge's major customers are Nortel, Newbridge,
Stentor, Bell Sygma, Barclays Bank (U.K.), Aramco (Saudi Arabia),
CompUSA (U.S.), the Canadian Federal and Ontario Provincial Governments.
Anthony Marinelli, President of Marinbridge, added: "As part of
COGNICASE, we have access to greater resources, a growing market
presence in Canada and internationally, and value-added software
tools. We will be able to grow our business substantially in our
current markets as well as expansion into the U.S. and Europe."
COGNICASE, founded in 1991 and employing more than 1,000 people,
provides value-added sofware solutions and IT services
internationally to Fortune 1000-sized companies and government
departments. The Company's services encompass three core areas:
software solutions, business IT services and business It
partnerships, including outsourcing. |
