Business
Information Services Corporation to Acquire 30% Stake in OneMove
REGINA, July 7, 2015 /CNW/ - Information Services Corporation (TSX:ISV), ("ISC" or th...
About this update from Information Services Corp. Class A
[{"type":"text","content":"\n\nREGINA, July 7, 2015 /CNW/ - Information Services Corporation (TSX:ISV), (\"ISC\" or the \"Company\") today announced that it has entered into a Subscription Agreement that will result in ISC acquiring 30 per cent of the issued and outstanding voting, common shares of OneMove Technologies Inc. (\"OneMove\") on closing for CAD$3.3 million.  ISC will use existing cash to finance the investment through a wholly-owned subsidiary.\n\nISC recognizes OneMove and its econveyance™ software as an industry leading online, subscription based solution that offers a secure and efficient means of managing real property transactions.  It simplifies and expedites the process of buying and selling real property by connecting legal professionals, lenders and insurers throughout the conveyancing process.  econveyance™ is available in British Columbia, Alberta and most recently, Ontario.\n\nOneMove has continued to experience revenue and earnings growth in 2015 and through this investment in OneMove, ISC expects to participate in a growing, complementary business, consistent with its growth strategy.  \n\nISC will be entitled to proportional board representation, pre-emptive rights to maintain its 30 per cent interest as well as participation in or approval rights for certain fundamental decisions respecting OneMove and its business.\n\nThe transaction is expected to close in the third quarter of 2015, subject to standard closing conditions and ISC obtaining clearance for the transaction from the Commissioner of Competition.  \n\nOrigin Merchant Partners acted as exclusive financial advisor to ISC on this transaction.\n\nAbout ISC\n\nISC is an experienced provider of registry and information services for government, individuals and private sector business.  As the exclusive provider of the land titles, surveys, personal property and corporate registries for Saskatchewan, the Company maintains and operates these registries, which are key supporters of economic activity in the province.\n\nCautionary Note regarding Forward-Looking Information\n\n\n\n\nThis news release contains forward-looking within the meaning of applicable Canadian Securities legislation, including statements with respect to the Commissioner of Competition, the closing of this transact...