Cognicase Strengthens its Presence in North America
JULY 26, 1999
MONTREAL, QUEBEC--COGNICASE Inc. (Nasdaq: "COGI"), one of Canada's
fastest growing information technology and software solutions
companies, announced that it has entered into an agreement to
acquire PRISM Consulting Services, Inc., a Warren, N.J.-based
information technology integration firm. The transaction is
subject to regulatory approval.
With annual revenues for fiscal 1999 estimated at US$30 million,
over 260 resources, and offices in New York, Raleigh, Greensboro,
Philadelphia, Atlanta and Toronto, PRISM has been an information
technology integrator for major private and public companies in
the U.S. for over fourteen years.
PRISM's business units have developed solid expertise in a wide
range of areas including enterprise resource planning (ERP)
solutions, systems architecture, network management and
maintenance, and project management.
"PRISM's technical expertise and broad customer base in the
eastern U.S. will provide many opportunities to cross-sell
COGNICASE solutions, particularly in the area of e-commerce," said
Ronald Brisebois, President and Chief Executive Officer of
COGNICASE. "A local U.S. presence will enable COGNICASE to
strengthen existing business relationships with U.S. customers."
"The synergies generated by sharing our material and human
resources will be a major asset as we pursue new business
opportunities and undertake large projects. This can only help to
increase the quality of the services we offer our respective
customers," said Arnold Pellegrinelli, President of PRISM
Consulting Services, Inc.
On April 29, 1999, COGNICASE announced a 249 percent increase in
revenue to US$36,028,000 for the second quarter of fiscal 1999,
compared to US$10,319,000 for the same period in 1998.
Founded in 1991, COGNICASE is an international provider of
value-added information technology solutions, software and
integration services. The company offers a full range of IT
solutions including complete and partial outsourcing,
Web/E-commerce development, ERP implementation, client/server
application development, network architecture and management,
Web-based development tools, as well as software for automated
internet application conversion and platform migration. Following
the integration of this acquisition, the Company will have over
2,500 professionals serving customers from offices located in 20
cities in North America, Europe and Australia.
This press release contains forward-looking statements within the
meaning of the Private Securities 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 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 1998 annual report. |
