TORONTO and SEATTLE, Jan. 20 /CNW/ - Hosted Data Transaction Solutions Inc. ("HDX") announced today that it has signed a letter of intent to acquire Posera Inc. ("Posera") of Seattle, Washington. The terms of the transaction were not disclosed.
HDX is listed on the TSX under the symbol HDX.
Posera, established in 1999 is an American corporation that develops, deploys, and supports a restaurant point of sale software known as Maitre 'D. Through its corporate offices in Seattle WA, Montreal Quebec, Paris France, Singapore, and Glasgow UK, Posera has built a network of approximately 140 value added resale partner companies in 25 countries. There are approximately 1100 representatives selling, supporting & installing Posera's Maitre 'D software worldwide and the solution has been deployed in over 20,000 locations in eight different languages around the world.
Posera's customers include Quick, O'Brien's, St-Hubert, Pita Pit, Popeye's, Dunkin' Donuts, Pizza Delight, Baton Rouge, Scores, Hooters, Casey's, Supermac's, HDOS, KFC, Extreme Pita, Pizza Hut, among many others.
HDX has previously announced a letter of intent to acquire Cash N Go Ltd. of Edmonton Alberta (Cash N Go). The combined historical annual revenue of Posera, Cash N Go, and HDX is approximately $31 million for fiscal 2009.
"The team at Posera has built a successful and well respected Company. Posera has developed a strong web presence and a global reseller network. The Maitre 'D software brand is recognized in many countries around the world and this agreement with Posera is a significant and strategic event for HDX," says Paul Howell, president and CEO of HDX.
HDX has marketed and deployed solutions and services primarily in the Canadian quick service restaurant sector, while Posera has focused on distributing software to table service restaurants and quick service restaurants internationally. Posera's merchant clientele is approximately based 50% in the USA, 20% in Canada, 10% in the UK, 5% in Europe and 10% in the rest of the world. This market penetration is complimentary to HDX's merchant base which is largely Canadian. The combined global scope will give HDX a strong advantage when bidding on new business and will enhance client relationships where we currently provide point of sale solutions, business control systems, business intelligence tools and closed loop consumer payment systems. The opportunity to cross sell the Cash N Go ATM solutions into the HDX and Posera merchant customer base is a significant opportunity for the new combined company. The Posera transaction provides HDX with technology, relationships, and revenue that is designed to facilitate further growth through acquisition.
"This Transaction allows for tremendous opportunities for success for our customers and the Posera team," says Jim Gillis, President of Posera. "While leveraging off of Posera's client base, the size and scope of the HDX service network and the features and benefits of the HDX product line will enhance our sales efforts and give us an opportunity to better serve our customer base. The larger combined company provides the extra team resources required to develop advanced technology and the ability to service customers in a wide geographic area."
In order to capitalize on the strong market recognition developed by both companies, the new combined company will be known as Posera HDX.
"The time is right for Posera to become a much larger company and significant player dedicated to better serve the hospitality industry. We are very excited for all the natural synergies and resources that this merger offers," says Michel Cote, Chief Operating Officer of Posera. "While Posera has achieved great success in the past decade, we look forward to the new opportunities this transaction brings."
Upon closing of the transaction Jim Gillis is expected to continue to manage reseller and customer relationships and Michel Cote is expected to continue to oversee all aspects of the organization. It is expected that the transaction will be structured such that the current Posera shareholders will become significant shareholders in Posera HDX.
The parties are negotiating a definitive agreement exclusively with each other and the transaction is expected to close on April 2nd, 2010. The transaction is subject to a number of conditions including HDX shareholder approval, the parties reaching a definitive agreement, and receiving all necessary regulatory approvals.
Hosted Data Transaction Solutions Inc. is in the business of managing merchant transactions with consumers and facilitating payment.
HDX develops and deploys touch screen POS (point of sale) system software and associated enterprise management tools and has developed and deployed numerous POS applications. HDX also provides system hardware integration services, merchant staff training, system installation services, and post sale software and hardware support services.
HDX's leading edge technology also includes customer self serve kiosks and "line buster" mobile point of sale terminals. These products have been designed to dramatically enhance customer throughput and drastically reduce customer queues. These technologies are especially effective in high foot traffic environments that have limited cash register counter space, limited retail square footage, and the absence of a drive through.
HDX pioneered an "instead of cash"(R) electronic based payment facilitation service. The Dexit(R) Service can be private branded for a specific merchant and enables customers to pay for items quickly and conveniently with the tap of a RFID (radio frequency identification) tag linked to a pre-paid account. This Dexit Service payment solution is especially well suited for corporate and institutional cafeteria environments where hundreds of customers purchase and pay for meals in compressed periods throughout the business day.
(R) Registered trade-mark of Hosted Data Transaction Solutions Inc.
To find out more about Hosted Data Transaction Solutions Inc., visit our websites at www.HDXsolutions.com and www.dexit.com.
To find out more about Posera, visit www.maitredpos.com
SOURCE HOSTED DATA TRANSACTION SOLUTIONS INC.
For further information: For further information: Paul Howell, President/CEO, Hosted Data Transaction Solutions Inc., Phone: (416) 703-6462, extension 2263, Email: Paul.email@example.com