News : SEB Announces Agreement to Acquire Maplesoft Group Inc.
Mississauga, ON, Canada, June 11, 2015 -- Smart Employee Benefits Inc. ("SEB" or "Company") (TSX VENTURE:SEB) is pleased to announce it has, through its wholly-owned subsidiary, SOMOS Consulting Group Ltd. ("SOMOS"), entered into an agreement, dated June 10, 2015, to acquire 100% of Maplesoft Group Inc. ("Maplesoft"), an Ottawa-based corporation with regional offices in Calgary, Montreal and Toronto.
The acquisition of Maplesoft is expected to increase the consolidated annual revenue, and contribute substantially to the overall profitability of SEB.
Since being founded in January, 2011, SEB has focused its efforts on developing SaaS-based software solutions and a SaaS/BPO business model with a specialty focus on providing processing solutions to the "Health Benefits" business in Canada. Since inception, SEB has completed 13 acquisitions and joint ventures which form a national network of offices and professionals across Canada, in addition to an established presence in the UAE, India and Australia.
The transaction is subject to completion of final due diligence and definitive documents between the parties and approval by the TSXV and the respective Boards of Directors of the parties. A final press release with additional and updated information from the due diligence process will be issued on the closing of the transaction; as well as any additional interim press releases required by regulatory bodies, the rules of the TSXV or applicable securities legislation.
John McKimm, President/CEO/CIO of SEB states, "Maplesoft's experience, resources and enviable references add to SEB's growing Canadian presence. This acquisition is in line with our focus of deepening client relationships in government and healthcare across Canada. Maplesoft brings important client relationships, geographic diversification and complementary technology expertise that adds to SEB's suite of solutions and services. Maplesoft's management and workforce are very experienced and highly regarded in the marketplace, especially in the federal government where they have established important technology service offerings including such areas such as Cyber/IT Security."
Posted by Veronica Silva Cusi, news correspondent
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About Smart Employee Benefits:
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.
About Maplesoft Group Inc.:
Since 1996 Maplesoft Group has been helping clients successfully execute their business strategies, create value and achieve measurable results through the innovative and collaborative delivery of professional consulting services.
Published: Monday, June 15, 2015