SEB Closes Inforica Investment
02 Dicembre 2013 - 11:22PM
Marketwired
SEB Closes Inforica Investment
TORONTO, ONTARIO--(Marketwired - Dec 2, 2013) - Smart Employee
Benefits Inc. ("SEB") (TSX-VENTURE:SEB), is pleased to announce it
has acquired 50% of Inforica Inc. through a share subscription made
by SEB's wholly owned subsidiary, Logitek Technology Ltd.
Stated John McKimm, CEO of SEB, "We are pleased to close the
Inforica transaction. We have worked closely with Inforica since
originally announcing the transaction in March, 2013. We made our
original investment in the form of a working capital loan shortly
after the March, 2013 announcement. Closing this investment is
simply converting a portion of the loan to equity in return for a
50% equity stake in the business. Since making our announcement in
March, 2013, Inforica has added over $2.5 million of new annuity
business and created a backlog of over $4.0 million, deliverable
over the next 12 months. SEB's intention is to acquire the
remaining 50% equity interest within the next 36 months. Our
relationship with Inforica has already increased the opportunities
available to Logitek Technology Ltd. and to the Somos Group, and
other SEB companies focused on providing services to both corporate
and government clients. The synergies provided by the joining
together of these organizations are significant in developing new
business opportunities and helping SEB be a stronger technology
player in the health care industry."
About Inforica: Inforica Inc. is a Mississauga, Ontario based
company that has been in operation for over a decade. Sales have
historically fluctuated between $2.5 million and $5.0 million
annually. The key features of Inforica which have value for SEB are
as follows:
- Client Relationships: strong client relationships with Tier 1
businesses which provide significant opportunities for other
business initiatives.
- Software Vendor Partnerships that include valuable reseller,
ISV, Systems Integrator partnerships that have been put in place
and developed for the past decade which can be leveraged by SEB
Group companies. Key partnerships include:
- Microsoft: Inforica has a strong partnership with Microsoft
that has grown over the past few years and covers the following
Microsoft Gold & Silver Competencies - Business Intelligence,
Customer Relationship Management, Application Development, Office
365 and Data Platform. Inforica also has an ISV Royalty agreement
in place with Microsoft.
- Interactive Intelligence: a Global provider of contact center
automation, unified communications, and business process automation
software and services for mid-size to large organizations.
- TimeXtender: a Global provider of metadata driven and agile
Data Warehousing and ETL software dedicated to the Microsoft SQL
platform.
- PNMSoft: provides Business Process Management Software
solutions to businesses and organizations worldwide.
- PeopleSoft Expertise: PeopleSoft is one of the Human Resource
ERP solutions most used by large companies, particularly in the
Hospital sector. This expertise is a significant competitive
advantage for SEB's health care practice, particularly in managing
the transition of HR data from PeopleSoft to SEB's health benefits
processing technology environment. Typically, HR data migration
costs can be a deterrent for large companies and organizations when
they are making decisions with respect to moving their employee
benefit environments. The Inforica expertise has allowed SEB the
ability to create the interface with PeopleSoft and manage it
seamlessly in a very cost effective and timely fashion without cost
to the client.
- Energy Management Software and Business Process Solutions that
help companies measure, analyze, manage and save on their energy
consumption and costs. This comes with key client relationships,
and is a strong strategic fit with Logitek Technology Ltd.'s supply
chain platform.
- India development office (approximately 45 employees) with
significant ability to scale and provide various services including
software development and support, business process outsourcing,
call center & telemarketing services. This office is a
significant asset in helping manage SEB's initiatives in the
UAE.
- UAE (United Arab Emirates) Presence: Inforica has two offices
in the Middle East, one in Dubai and the other in Ras Al Khaimah.
Additionally, Inforica management have extensive business
relationships in this region. There are many opportunities for
implementing the SEB health benefits technology environment in the
UAE. Employee Health Benefits is a mandatory pre requisite for all
employees in the region. The largest implementation of the SEB
adjudication technology is Oman Insurance in Dubai. Currently, SEB
opportunities in the UAE include hospital applications both for
their employees and for managing the relationships with insurers, a
large travel insurance administration and claims processing
opportunity, and a project to create a TPA environment with the SEB
technology platform as the backbone for managing health insurance
programs for students in various UAE countries who study abroad in
Canada and the US. Discussions have been initiated on all fronts.
SEB's experience in the area, in conjunction with the Inforica
experience and relationships, positions SEB well to develop a
material presence in this region.
- References for RFP submissions: Inforica has many key
references which allows other SEB companies to qualify for more
bidding categories with corporate, federal and provincial
government opportunities. Inforica has more than a decade of
delivering successful projects which are excellent references in
responding to RFP business opportunities.
About SEB: SEB is a technology company providing software,
solutions and services specializing in managing group benefit
solutions and healthcare claims processing environments for
corporate and government clients, both in Canada and
internationally. Health Claims Processing in Canada alone is a
$56.0 billion industry, of which over $33.0 billion is employee
group benefit plans and over $23.0 billion of other healthcare
benefit claims (e. g. workers' compensation claims, travel
benefits, various federal and provincial government programs,
dental associations, drug associations, etc.). In the employee
group benefits industry, SEB provides Third Party Administrator
("TPA") services and Insurance Brokerage services utilizing its
software platform to provide "totally hosted PCI compliant supply
chain solutions" for managing the complete group benefits business
processes between insurers, clients, brokers, consultants,
technology service providers and healthcare service providers. In
healthcare claims processing, SEB also operates as a systems
integrator utilizing its technology platform together with other
technologies to provide customized, fully integrated solutions for
specialized environments (e.g. travel claims, student benefits,
hospitals, unique government applications, etc.). The technology
and expertise deployed in this area also allows SEB to provide
other related supply chain, systems integration and human resource
solutions and services to the same clients.
For further information about SEB, please visit
www.seb-inc.com.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Smart Employee Benefits Inc.John McKimmPresident/Chief Executive
Officer(416) 460-2817john.mckimm@seb-inc.comSmart Employee Benefits
Inc.Shelly FrankVice-President, Marketing(888) 939-8895 x
358shelly.frank@seb-inc.comwww.seb-inc.com
Grafico Azioni Smart Employee Benefits (TSXV:SEB)
Storico
Da Mag 2024 a Giu 2024
Grafico Azioni Smart Employee Benefits (TSXV:SEB)
Storico
Da Giu 2023 a Giu 2024