ISC Expands its Services Segment with Acquisition of AVS
REGINA, Saskatchewan, Dec. 21, 2017 (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 issued and outstanding shares of AVS Systems Inc. (“AVS”). AVS provides automation software technology services to serve lending, leasing, and credit issuing businesses and institutions in Canada.
CAD$25 million was paid in cash on closing and the Company may pay up to CAD$20 million in additional consideration over the next 13 months, which is contingent on the realization of future business with financial institutions and auto and equipment finance companies across Canada.
Jeff Stusek, President & CEO of ISC commented, “With the addition of AVS’s services and existing customer base, our Services segment is positioned to deliver proven credit due diligence, protection and default solutions to the Canadian financing industry.” Stusek continued, “We continue to invest in our technology platforms and service teams to deliver comprehensive solutions to customers. This, in conjunction with our financial strength, means that we are poised to capitalize on new avenues for growth in our Services segment.” Full StoryReturn to archives