GFI has simultaneously reinforced its leadership position in IT solutions
consulting and development in Canada, topped $110 million in annual sales
and added close to 250 new employees
MONTREAL, May 21 /CNW Telbec/ - GFI Solutions Group Inc. ("GFI"), a
leading Canadian IT consulting firm, today announced the closing of the
acquisition of all outstanding shares of Fortsum Business Solutions Inc.
("Fortsum Business Solutions"), a Quebec-based company solidly entrenched in
the business, accounting and banking solutions market, which has recorded
substantial growth in revenues, profitability and productivity in the past two
years. The acquisition was completed thanks in large part to the financial
contributions of Solidarity Fund QFL and GFI Informatique.
Gilles Létourneau, GFI's President and Chief Executive Officer, stated at
the closing session: "The corporate culture, vibrant energy and reputation for
excellence of Fortsum Business Solutions perfectly fit in with our own
corporate values, in particular our ongoing concern for customer satisfaction.
We are proud to welcome this valuable addition to our company. I am firmly
convinced that our clients and all the markets we serve will benefit from the
combination of our employees' know-how and our enhanced line of products and
services. I would like to point out that Fortsum Business Solutions is a sound
and profitable business with successful officers along with skilled and
dedicated employees. Our integration efforts will therefore focus primarily on
optimizing the commercial synergies between our two groups. The expertise of
the team already in place will ensure continued success of operations."
"From a strategic perspective, the realization of this fourth acquisition
in the space of five years marks a crucial milestone in our growth plan
through acquisitions, which will allow us to achieve the critical mass needed
for new financing prospects and attract a larger number of players to
participate in GFI's future growth and success. We are currently analyzing the
various opportunities that could open up to us in this area," concluded Gilles
"Through this acquisition, GFI has added new talent and enhanced its
offer of IT business solutions, and as a result, it is now positioned among
the leaders in its market. The Solidarity Fund QFL is a key investor in
supporting Quebec-based businesses in their long-term expansion plans. We are
proud to accompany GFI's management team, which has incredible vitality and a
strategic business vision that are consistent with the Fund's ways of doing
business," said Gaétan Morin, Executive Vice-President, Investments at the
Solidarity Fund QFL.
Vincent Rouaix, Chairman and CEO of GFI Informatique, noted: "Under
current economic conditions, it is reassuring to consolidate the expertise of
the Fortsum Business Solutions team with that of GFI, which is in very
enviable financial health."
About GFI Solutions Group Inc.
GFI is a leader in consulting and development of IT solutions and is
ranked among Top 25 Canadian IT professional services companies. In addition
to providing consulting services, GFI designs, develops, integrates,
implements and manages IT systems and business software solutions for small,
medium and large organizations from various industry sectors.
With over 1,000 employees and headquarters located in Montreal, GFI has
developed three centres of excellence in the areas of transactional systems,
back-office applications for the banking industry and ERP solutions. For the
past five years, GFI has been pursuing an active growth strategy through
targeted acquisitions including most recently, Fortsum Business Solutions
Inc., Bell Business Solutions Inc., Accovia Inc. and Imagina Technology
Solutions. GFI is an affiliate of the multinational group, GFI Informatique.
For more information, please visit GFI's website at: www.gfisolutions.com
About Fortsum Business Solutions Inc.
Fortsum Business Solutions is mainly involved in the development,
integration, marketing and support of accounting, commercial and banking data
management software. For more information: www.fortsum.com.
About Solidarity Fund QFL
With net assets of $ 6.2 billion as at November 30, 2008, the Solidarity
Fund QFL is a development capital company that through its RRSP channels the
savings of Quebecers into investments in all sectors of the economy to help
create and maintain jobs and to further Québec's economic growth. The Fund is
a partner, either directly or through its network members, in 1,881 companies.
It currently has nearly 575,000 shareholders and has helped, on its own or
with other financial partners, to create, maintain and protect over 126,000
Forward Looking Statements
This press release may contain forward-looking statements about GFI and
Fortsum Business Solutions, along with their respective business units'
objectives, strategies and businesses that involve risks and uncertainties.
These statements are "forward-looking" because they are based on our current
expectations on various estimates and assumptions. Actual events or results
may differ materially from those anticipated in these forward-looking
statements if known or unknown risks affect our business, or if our estimates
or assumptions turn out to be inaccurate. GFI and Fortsum Business Solutions
expressly disclaim any liability or commitment to update or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise.
For further information:
For further information: GFI Solutions Group Inc.: Anne Hodgkinson,
Director, Communications and Marketing, GFI Solutions Group Inc., (514)
288-7161, ext. 413, Anne.Hodgkinson@gfisolutions.com; Jean-Marc Simard, Simard
Hamel Communications, (514) 287-9811, extension 11, Mobile: (514) 248-5385,
email@example.com; Solidarity Fund QFL: Josée Lagacé, Senior Advisor, Press
Relations and Communications, (514) 850-4835, Cell.: (514) 707-5180,