TORONTO, Feb. 5, 2020 /CNW/ - Prodigy Ventures Inc. (TSXV: PGV) ("Prodigy" or the "Company") today announced that it has entered into a share purchase agreement to acquire all of the issued and outstanding shares of ZoftNow Inc. ("ZoftNow"). ZoftNow is a boutique consulting firm with practitioners & associates that have extensive experience & capabilities in both technology products and projects lifecycle from digital transformation assessments to successful ongoing maintenance programs.
Pursuant to the terms of the share purchase agreement, on closing the Company will pay the vendors an aggregate cash payment of $450,000 and issue to the vendors an aggregate of 1,072,500 common shares in the capital of Prodigy. In addition, the Company will issue an additional 1,072,500 common shares on the second anniversary of the closing date (provided that the vendors remain employed by the Company on such date).
Upon closing of the transaction, current key management of ZoftNow, namely Mr. Mario Perez and Mr. Sanjiv Purba will become employees of the Company.
Sanjiv Purba is an award-winning hands-on transformation leader with over 25 years of experience in professional services. Mr. Purba has built an exceptional reputation through leading the delivery of large complex business and digital transformations projects. A recognized expert in delivery and project rescue, he has authored over 18 books on industry topics. Working with the C-Suite, his efforts have resulted in numerous client successes being referenced as best practices by SAP, Salesforce, Workday, and Oracle.
Mario Perez has over 20 years of global experience selling, delivering and managing technology solutions to create exceptional client value. Mr. Perez has worked with PWC, Microsoft, Avanade/Accenture and has successfully built professional services practices from the ground up. Clients across a broad range of sectors including Financial Services, Energy, Human & Social Services, Health Care, Consumer Products and Technology have recognized bottom-line impact from his work with a wide variety of industry leading platforms including Cloud SaaS based offerings and ATM systems.
The acquisition will strengthen Prodigy's leadership team, deepen its service delivery capabilities, expand its offerings, and diversify its client base and revenue concentration. This transaction is tightly aligned to the overall corporate strategy of fueling growth both organically and inorganically while maintaining strong operational performance.
"This internally funded acquisition adds capabilities in many dimensions. Key amongst these are the ability to scale project delivery, expansion of our client base and diversify risk. Adding these seasoned talented executives to the Prodigy team sets the stage for our next phase of growth.", said Jeff Watts, Prodigy's CEO.
It is anticipated that the closing of the transaction will take place on or about February 14, 2020. The transaction remains subject to a number of conditions and there is no guarantee that such conditions will be satisfied and that the transaction will be completed on its current terms or at all.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
About Prodigy Ventures Inc.
Prodigy delivers Fintech innovation. The Company develops software and services with emerging technologies for digital transformation, identity and payments. Digital transformation services include strategy, architecture, design, project management, agile development, quality engineering and staff augmentation. Prodigy has been recognized as one of Canada's fastest growing companies with multiple awards: Deloitte's Fast 50 Canada and Fast 500 North America (2016, 2017, 2018), Branham 300 (2017, 2018), Growth 500 (2018 and 2019), Canada's Top Growing Companies (2019).
Certain information set out in this news release constitutes forward-looking information. Forward looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "intend", "could", "might", "should", "believe" and similar expressions. Forward looking statements in this press release include statements regarding the closing of the proposed transaction, the timing thereof and the employment of Mr. Perez and Mr. Purba. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, and that information obtained from third party sources is reliable, they can give no assurance that those expectations will prove to have been correct. Readers are cautioned not to place undue reliance on forward-looking statements included in this document, as there can be no assurance that the plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will not occur, which may cause actual results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, risk factors set forth in the Company's Management's Discussion and Analysis for the three and nine months ended September 30, 2019, a copy of which is filed on SEDAR at www.sedar.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive. These statements are made as at the date hereof and unless otherwise required by law, the Company does not intend, or assume any obligation, to update these forward-looking statements.
SOURCE Prodigy Ventures Inc.
For further information: Andrew Hilton, Prodigy Ventures Inc., Chief Financial Officer, [email protected], 416-606-8833