MONTRÉAL, Dec. 2, 2015 /CNW Telbec/ - The Fonds de solidarité FTQ and the Fonds régionaux de solidarité FTQ Montréal have announced that they are investing a combined US$6 million (C$7,8 million) to support the growth of Fresche Solutions, a leader that has carved itself a niche in the IT market by offering innovative modernization and management solutions for legacy application environments.
Fresche offers solutions to extend the life of legacy applications while reducing support and maintenance costs. Fresche is specialized in IBM Power Systems, including IBM i, AS/400, iSeries and System i. Companies wishing to modernize their IT environments can also count on Fresche for complete solutions, including planning and analysis, application and database modernization tools, onsite development and deployment, complete project management and ongoing application support.
"Fresche is looking to continue its organic growth by leveraging this investment to market the next generation of modernization technology and to consolidate the market," said Fresche president and chief executive officer Andy Kulakowski. "While legacy applications are everywhere and harbour invaluable business data and processes, the fact is that they are difficult to maintain, integrate into other systems and adapt to constantly changing business needs. The Fonds and Fonds régionaux's investment will allow us to step up our efforts in an IBM i market that is yearning for innovative legacy management and modernization solutions as well as to continue making strategic acquisitions of complementary technologies and hosting services. Fresche has already acquired three companies in four years, and we feel that there are still excellent consolidation opportunities in the market for modernization solutions."
"Thanks to Andy Kulakowski's leadership, his team and their development of new products and innovative services, Fresche has become an SME leader in its field. And with its recent acquisitions abroad, the company has also become an IT consolidator on the international stage," added Alain Denis, Senior Vice-President, Innovation, at the Fonds de solidarité FTQ.
"The ability of this Montréal-based SME to meet the needs of businesses of all sizes such as Royal Caribbean Cruises and Union des artistes (UDA) explains its growth in the last five years and is the reason it will continue to create jobs here in Québec," said François Morier, general manager of the Fonds régionaux de solidarité FTQ Montréal.
Headquartered in the Griffintown neighbourhood of Montréal, Fresche Legacy has been in business for almost 40 years, including 30 years in solutions for the IBM midrange market and 15 years in the development of analysis models, productivity and modernization solutions. Fresche has 125 employees, of which roughly 60 are based in Québec, and intends to hire about 10 more next year for R&D, project management, application support, sales and marketing functions. Serving over 7,500 customers worldwide, Fresche will use the Fonds and Fonds régionaux's investment to pursue its growth strategy.
About the Fonds de solidarité FTQ
The Fonds de solidarité FTQ helps drive our economy. With net assets of $11.1 billion as of May 31, 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 610,605 shareholder-savers, the Fonds has helped create, maintain and protect more than 176,000 jobs. For more information, visit www.FondsFTQ.com.
About Fresche Legacy
As a leading expert in legacy management and modernization, Fresche Legacy helps enterprise organizations transform their business to improve financial performance, increase market competitiveness, remove risk and add business value. Our team of experts helps organizations future-proof their business by modernizing their applications, business processes, technologies, and infrastructure. Committed to 100 percent customer satisfaction, Fresche Legacy offers services and solutions that span the complete legacy management spectrum from concept to maintenance, and include Discovery Services, Modernization Solutions, and Application Management Services & Transformation. For more information about our company, visit us on the web at www.freschesolutions.com/.
SOURCE Fonds régionaux de solidarité FTQ
For further information: Information for media representatives only, Patrick McQuilken, Fonds de solidarité FTQ, Telephone: + 1 514 850-4835, Mobile: + 1 514 703-5587, Email: [email protected]; Christine McDowell, Fresche Legacy, Telephone: + 1 514 747-7007, Mobile: +1 514 220-1309, Email: [email protected]; For shareholders of the Fonds de solidarité FTQ, Shareholder Services, Fonds de solidarité FTQ, Montréal: 514 383-3663, Québec City: 418 628-3663, Toll free: 1 800 567-3663