REGINA, Saskatchewan., Feb. 15, 2022 (GLOBE NEWSWIRE) — Information Services Corporation (TSX:ISV) (“ISC” or the “Company”) announced today that its Services segment, through its wholly-owned subsidiary ESC Corporate Services Ltd. (“ESC”), acquired all of the shares of a group of companies operating as UPLevel.
With operations in Ontario and Quebec and the ability to serve customers across Canada and the US, UPLevel provides contact and accounts receivable management, debt collection and Personal Property Security Act (“PPSA”) search and registration services. The acquisition expands ESC’s leading role in the PPSA market and augments its credit life-cycle product suite by adding early and late-stage collections. UPLevel’s impressive client list and ESC’s broad core product offerings will also provide revenue synergy opportunities.
Shawn Peters, President & CEO of ISC, commented, “This acquisition ensures that our Services segment maintains market leadership in the industry and provides our current and new customers with an expanded range of services.” Peters continued, “I am also very pleased to welcome the UPLevel staff to our team. They bring extensive experience in customer touch and collateral management and are a welcome addition to our growing business.”
Tracey Ivanyshyn, President & CEO of UPLevel said, “I am extremely proud of the business we’ve built over the last 50 years and am enthusiastic about the future. Becoming part of ESC will be an exciting new chapter for us and is going to be great for customers and employees.”
- Provides access to new sources of recurring revenue. The transaction is expected to be neutral on a reported earnings per share basis in 2022, due to one-time integration costs and amortization, but is expected to be accretive on an earnings per share basis in 2023 and beyond.
- Augments the credit life-cycle product suite with early and late-stage collection capabilities, enhancing our Recovery Solutions offering.
- Maintains market leadership in the industry at the right time, helping Canadian institutions manage their collateral from onboarding through to professional asset disposition.