LONGUEUIL, QC, Sept. 11, 2019 /CNW Telbec/ - Mediagrif Interactive Technologies Inc. (TSX: MDF), a Canadian leader in information technology offering Strategic Sourcing and Unified Commerce solutions, announced today at its annual general meeting of shareholders the appointment of tech industry veteran Luc Filiatreault as President & CEO, as well as revealed preliminary details for an ambitious action plan to accelerate growth.
Mr. Filiatreault will take up his post on September 16, 2019, succeeding Paul Bourque, who has served as Interim President & CEO since the retirement of Claude Roy in March 2019. Mr. Bourque will remain with Mediagrif as CFO, the position he previously held.
A serial entrepreneur, Luc Filiatreault has, to date, founded and managed multiple companies, including three publicly listed companies that were acquired by major players in the tech industry. He has held several senior corporate positions with a focus on commercialisation, most recently as CEO of Ayuda Media Systems and Vice President, Ventures at Open Text. Among his accomplishments, Luc was named IT Personality of the Year in 2009 by the Information Technology Association of Quebec.
"Luc is the right leader for us as we embark on a new chapter focused on growth acceleration," said Gilles Laporte, Mediagrif's Chair of the Board of Directors. "His extensive tech background and business development skills will help us forge strategic alliances and expand our sales presence. We believe his strong leadership experience, especially related to change management, will help focus Mediagrif during its ambitious strategic reorientation.
"I would like to take this opportunity to thank Paul for his contribution to the business' success over the last few months. Under his leadership, Mediagrif began to divest its B2C assets and refocus its activities on its high growth B2B operations. The first phase of this transformation began with the sale of LesPAC last June." added Mr. Laporte.
Refocusing our operations: an ambitious action plan
Inspired by a new mission statement, We enable the flow of commerce, Mediagrif is currently finalizing an action plan to seize growth opportunities in North America in two key sectors of activity: Strategic Sourcing (which includes Mediagrif subsidiaries MERX and BidNet) and Unified Commerce (Orckestra, InterTrade and Carrus).
Key strategies will include increased investment in resources and expertise in sales, marketing and R&D, creating synergies between existing lines of business and exploring strategic acquisitions.
Incoming President & CEO Luc Filiatreault added: "I am very excited to be joining the Mediagrif team. I look forward to sharing the Company's new strategic direction with the market in the near future. The forecast for Mediagrif's two priority B2B markets is very promising: market forecasts for both Unified Commerce and Strategic Sourcing predict multi-billion dollar spending and solid double digit growth from now to 2023. Additionally, the high percentage of recurring revenues generated by these sectors represent a strong foundation for sustained growth.
Ready to pursue more aggressive growth
Mr. Laporte added: "Our results show that Mediagrif is a company with strong financial health. Notably, our recurring revenues are at around 80%; we have a largely international client base (85% from outside Quebec) that includes marquee clients like Bestseller, Neiman Marcus, Nordstrom and Stanley; we own our IP; we count on a team of more than 500 specialists; we have an enviable profit margin for the tech industry; and we have positive liquidity. We're definitely in good shape as we begin pursuing a more aggressive growth strategy."
Proxy materials for this meeting are available at https://www.mediagrif.com/tsx-mdf-to-investors-en.jsp and on the SEDAR website at https://sedar.com/.
About Mediagrif Interactive Technologies Inc.
Mediagrif Interactive Technologies Inc. (TSX: MDF) is a Canadian leader in information technology offering strategic sourcing and unified commerce solutions as well as B2B marketplaces. Mediagrif's solutions are used by thousands of businesses in North America and around the world. The Corporation has offices in Canada, the United States, Denmark, Ukraine and China. For more information, please visit us at www.mediagrif.com or call 1-877-677-9088.
SOURCE Mediagrif Interactive Technologies Inc.
For further information: Mediagrif Interactive Technologies Inc., André Leblanc, Vice President, Marketing, Toll Free: 1-877-677-9088 ext. 8220, Email: [email protected]