Fonds de solidarité FTQ Invests US$10 Million to Enable Montréal-Based Fresche to Acquire U.S. Firm Quadrant Software
Jun 09, 2016, 12:00 ET
Backing a Québec IT consolidator for a major transaction in the United States
MONTRÉAL, June 9, 2016 /CNW Telbec/ - Many companies today find that they need to modernize and improve their aging applications, known as legacy systems. This task is further complicated by the fact that many of their employees are taking retirement.
Montréal-based Fresche has over 40 years of experience and 22,000 clients around the world, including SMEs and large corporations such as Adidas, Avon, CVS, Royal Caribbean Cruises, Bureau en Gros and Universal Music Group. The firm has become a leader in maintaining and refurbishing such computer systems. Located in Griffintown, the firm specializes in IBM i systems, also known as AS/400, iSeries and System i.
To support Fresche's acquisition of Boston-based Quadrant Software, the Fonds de solidarité FTQ and the Fonds régionaux de solidarité FTQ are re-investing US$10 million in the global IT consolidator.
"The acquisition of US-based Quadrant Software will consolidate Fresche's position in the market. This is great news for the company and its employees, as well as for the Québec IT sector," said the Fonds' Alain Denis, Senior Vice-President, Innovation.
Founding shareholder Andy Kulakowski is at the helm of Fresche, which has 176 employees worldwide, including 75 at its Montréal head office.
Established in 1990, Quadrant focuses on IBM i system maintenance and viability. Based in Massachusetts with offices in North Carolina and British Columbia, the company has about 100 employees.
About the Fonds de solidarité FTQ
The Fonds de solidarité FTQ helps drive our economy. With net assets of $11.2 billion as of November 30, 2015, the Fonds is a development capital fund that channels the savings of Quebecers into investments in all sectors of the economy to help create and maintain jobs and further Québec's development. The Fonds is a partner, either directly or through its network members, in more than 2,550 companies. With more than 600,000 shareholder-savers, the Fonds helps create, maintain and protect more than 176,000 jobs. For more information, visit www.fondsftq.com.
SOURCE Fresche Solutions
For further information: For media representatives only: Patrick McQuilken, Senior Advisor, Media Relations and Communications, Fonds de solidarité FTQ, Phone: 514 850-4835, Mobile : 514 703-5587, Email: [email protected]; For Fonds de solidarité FTQ shareholders: Shareholder Services, Fonds de solidarité FTQ, Montréal: 514 383-3663, Québec: 418 628-3663, Toll Free: 1 800 567-3663
Share this article