Business
Sprylogics Closes Acquisition of Assets of Devesys Inc.
TORONTO and MADISON, WI, Dec. 6 /CNW/ - Sprylogics International Corp. (the "Company" or "Sprylog...
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[{"type":"text","content":"\n\n\n\nTORONTO and MADISON, WI, Dec. 6 /CNW/ - Sprylogics International Corp.\n(the "Company" or "Sprylogics") (TSX-VENTURE: SPY), a provider of\nintelligence-based risk mitigation software and services, announced today that\nit has closed the previously announced acquisition of the assets of Devesys\nInc. in exchange for US$325,000 and 1,150,000 common shares of the Company.\n\n\nThe acquisition is intended to strengthen Sprylogics' presence in the\nNorth American compliance marketplace with the addition of highly synergistic,\ncomplementary, and well-established revenue generating products. Devesys's\nindustry-leading analytical tools and reporting capabilities have gained\nrespect within the Fortune 100 and Fortune 500 tiers of companies, including\nXerox, El Paso Corporation, Waste Management, Inc., and CenterPoint Energy\nServices Company LLP, etc. In addition, leading not-for-profit health care\norganizations include Caregroup Inc. and Partners Health Care Inc.\n\n\n"We are pleased to join forces with Devesys and its industry leading\ncompliance technology which compliments our strategic and product initiatives\nthroughout North America and around the world," said Michael Frank, CEO of\nSprylogics. "This deal represents an opportunity for Sprylogics to advance and\naccelerate its position in the risk mitigation and analytical tools market\nwith the synergies both companies create together."\n\n\nSprylogics's products currently include the Analyst and Investigator\nsoftware suite, which have been licensed by a number of offshore financial\ncenters as well as the Investment Dealers Association (IDA). The Company\nrecently rolled out for test users its Market Intelligence Database-IntegraDB.\n\n\nDevesys's tool set forms the hub of a comprehensive compliance system,\nconnecting compliance officers with other departments, external services, and\nupper management. Customers in a variety of industries including aerospace,\nenergy, communications, pharmaceuticals, health care, government, financial\nservices, insurance, and manufacturing currently use these products.\n\n\nDevesys pioneered the field of commercially available case tracking\nsoftware with its Ethics Administration System in 1995, and has continued to\nenhance the system over the years. After the Sarbanes-Oxley Act (SOX) was\...