TORONTO and MADISON, WI, Dec. 6 /CNW/ - Sprylogics International Corp. (the "Company" or "Sprylogics") (TSX-VENTURE: SPY), a provider of intelligence-based risk mitigation software and services, announced today that it has closed the previously announced acquisition of the assets of Devesys Inc. in exchange for US$325,000 and 1,150,000 common shares of the Company.
The acquisition is intended to strengthen Sprylogics' presence in the North American compliance marketplace with the addition of highly synergistic, complementary, and well-established revenue generating products. Devesys's industry-leading analytical tools and reporting capabilities have gained respect within the Fortune 100 and Fortune 500 tiers of companies, including Xerox, El Paso Corporation, Waste Management, Inc., and CenterPoint Energy Services Company LLP, etc. In addition, leading not-for-profit health care organizations include Caregroup Inc. and Partners Health Care Inc.
"We are pleased to join forces with Devesys and its industry leading compliance technology which compliments our strategic and product initiatives throughout North America and around the world," said Michael Frank, CEO of Sprylogics. "This deal represents an opportunity for Sprylogics to advance and accelerate its position in the risk mitigation and analytical tools market with the synergies both companies create together."
Sprylogics's products currently include the Analyst and Investigator software suite, which have been licensed by a number of offshore financial centers as well as the Investment Dealers Association (IDA). The Company recently rolled out for test users its Market Intelligence Database-IntegraDB.
Devesys's tool set forms the hub of a comprehensive compliance system, connecting compliance officers with other departments, external services, and upper management. Customers in a variety of industries including aerospace, energy, communications, pharmaceuticals, health care, government, financial services, insurance, and manufacturing currently use these products.
Devesys pioneered the field of commercially available case tracking software with its Ethics Administration System in 1995, and has continued to enhance the system over the years. After the Sarbanes-Oxley Act (SOX) was passed in 2002, and US Sentencing Commission Guidelines were established in 2004, Devesys began a process of revisions, which have resulted in TrakEnterprise 6. The product has features designed to help companies understand their risks, and improve their compliance across key departments. TrakEnterprise 6, Devesys's flagship product, has won wide acceptance across industries, and corporate cultures for its versatility and adaptability.
"This certainly marks an exciting strategic opportunity and new era for Devesys and its existing and potential clients. We view Sprylogics's technology as an excellent combination with our existing offerings and believe that this puts us at the forefront of the industry for compliance, ethics, and due diligence solutions," said Jim Preysz, Vice President of Devesys.
About Sprylogics International Corp.
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Sprylogics develops intelligence based analytical solutions and content for enhanced risk analysis and investigative research in the regulatory, law enforcement, government, financial services, investment, and private sectors. Our technological solutions enable users to methodically collect, analyze, discover, and report large amounts of raw data, and transform that data into analyzed and actionable intelligence. Our content solutions enable users to identify non-obvious financial risks based on the Social Network Analysis of companies, individuals and other entities. Find out more at www.sprylogics.com. For a free trial of IntegraDB please go to www.integradb.com/register.aspx.
About Devesys, Inc.
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Devesys, Inc. has been developing case management, tracking and reporting systems for Fortune 500 companies since 1995. Devesys provides a tracking system that is easy to use, and maintain, with a responsive installation support team to back it up. In addition, Devesys' expertise in case tracking issues, and related industries has won strong praise from the Ethics and Compliance marketplace. Devesys continually strives to improve the quality of its products by constantly upgrading its software to ensure the best of class capabilities in tracking, and reporting systems in the industry. Devesys' product line consists of TrakBasic(R), TrakEnterprise(R), and TrakWeb(TM). Find out more and view an online "demo" at www.devesys.com.
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