Cognicase Increases Presence in France Through
Acquisition of Group Logispace S.A.
JUNE 1, 1999
MONTREAL, QUEBEC--COGNICASE Inc. (Nasdaq: "COGI") announces that
it has entered into an agreement to acquire GROUPE LOGISPACE S.A.,
a fast-growing French company with revenues of 60 million French
Francs (US$10 million) and over 120 employees. The Consulting
Services firm specializes in project and information system
management control. It also edits software packages dedicated to
specific niches of activities in vertical industry sectors.
LOGISPACE specializes in quality control, as well as in
large-scale project and operational management. The transaction
is subject to regulatory authorizations expected to be obtained onJune 7, 1999.
"GROUPE LOGISPACE S.A. is a profitable and focused company with a
favourable position in the European market," stated Ronald
Brisebois, President and Chief Executive Officer of COGNICASE.
"This will enable us to increase our strategic positioning with
various large-scale clients." LOGISPACE's most important customers
include some of the main players in the French banking and
financial sectors, such as Societe Generale and Credit Agricole,
the weapons and space industry, including La direction generale de
l'armement, Alcatel and Marconi, and local communities such as the
cities of Paris and Toulouse.
Vincent Rouaix, President of LOGISPACE, added: "COGNICASE will
bring financial and commercial strengths to our development. It
will allow us to establish a significant presence in France and
will bring us additional expertise in various IT fields, thereby
creating important cross selling opportunities with our existing
client base. Indeed, our commitment to assist customers in
managing effectively the evolution of their organization and
technologies requires us to offer global and comprehensive
services, according to clients' specifications, in the conception,
management and undertaking of information systems".
Founded in 1991, COGNICASE is an international provider of value-
added information technology consulting services technology,
solutions and software. The company offers a full range of IT
solutions including complete or partial outsourcing,
WEB/E-commerce development, ERP implementation, client/server
application development, network architecture, management and
development of client/server software, Web-based development
tools, as well as software for automated internet application
conversion and platform migration. Following this acquisition,
the enterprise will have over 2,050 IT professionals serving
customers from offices in 15 cities in North America, Europe and Australia.
Litigation Reform Act of 1995 (US), which involve risks and
uncertainties. As a result of a number of factors, including
factors that the Company may not currently foresee, the Company's
actual results could differ materially from those set forth in the
forward-looking statements. Certain other factors that might
cause the Company's actual results to differ materially from the
forward- looking statements include the Company's ability to (i)
successfully develop additional products and services and new
applications for its existing products and services and otherwise
respond to rapid changes in technology, (ii) successfully compete
in its industry for customers and developers and other personnel
with expertise in information technology, (iii) successfully
identify and consummate acquisitions on favorable terms and
integrate MSI or any other acquired businesses, and (iv)
successfully manage its growth and changing business, as well as
those factors set forth under the heading "Risk Factors" in its
Final Prospectus dated October 2, 1997 as filed with the
Securities and Exchange Commission. |
