Combined strengths will enhance delivery of national legal services
TORONTO, Feb. 4 /CNW/ - Teranet Enterprises Inc. announced today that it
has acquired Do Process Software Ltd., a leading provider in Canada of
conveyancing software for real estate lawyers and applications for corporate
and estate lawyers.
"This acquisition supports our growth stategy of finding opportunities to
offer more services and value to customers across Canada," said Aris Kaplanis,
Teranet President and CEO. "Do Process' broad range of services creates
possibilities for us to offer a more complete suite of services to the broader
Do Process' Conveyancer(R) software is used in more than 2,300 law
offices across the country. The combination of Teranet and Do Process will
result in increased efficiency and more powerful solutions for lawyers.
"With Teranet's financial backing and experienced customer service team,
Do Process can build on its historical success in the market and expand across
Canada while offering added convenience and efficiency for our customers,"
said Mitch Brown, President, Do Process. "This is a great oppportunity for our
staff, customers and supplier partners."
The Conveyancer(R) software integrates online title insurance ordering as
one of its many benefits. Customers will continue to be offered choice with
regard to their service suppliers from across Canada, including the title
insurance policies they offer their clients.
Do Process Software Ltd. will operate as a subsidiary of Teranet
Enterprises Inc. with the existing management and employees continuing to work
from Do Process' Toronto office.
Teranet is a leading e-services company serving the legal, government,
financial, real estate and healthcare markets. Combining technical
sophistication with operational simplicity, Teranet's comprehensive offering
of products and services includes collateral risk management, transaction
management, property information, geospatial and enterprise solutions.
About Do Process Software Ltd.
Do Process Software Ltd. is a leading developer of practice-specific law
office software in Canada and offers a range of applications for Corporate,
Estates and Real Estate lawyers. Most notably, Do Process' Conveyancer(R) real
estate database and document production software is a comprehensive system for
file management and document preparation; from file opening procedures, to
reporting letters and follow-up. The company's software is currently employed
in over 3,000 law offices, ranging in size from sole practitioners to firms
with hundreds of lawyers. Since 1989, Do Process' history of providing regular
upgrades with the features users want and need, combined with the availability
of quality technical support from courteous and knowledgeable staff, have
earned Do Process an enviable reputation as a responsive, service-oriented
company with legal software which is second to none.
About Teranet and Teranet Income Fund
Teranet Income Fund is an unincorporated, open-ended trust established
under the laws of Ontario by way of a declaration of trust. The Fund was
created to indirectly acquire all of the outstanding shares of Teranet Inc.
The units of the Fund trade on the Toronto Stock Exchange under the symbol
Teranet is a leading provider of integrated land-based information
products and services.
Teranet operates in Ontario and provides access to the Ontario Electronic
Land Registration System ("ELRS") through its proprietary application,
Teraview(R) software. This product enables customers to conduct electronic
registrations as well as title and writ searches relating to real property.
Teranet has the exclusive right to access the data in and operate the ELRS and
the Writs of Execution database, and create and market value-added products
and services in connection with the ELRS and writs until March 31, 2017. These
licences extend on a non-exclusive basis in perpetuity for the ELRS and until
2047 for writs. Teranet has leveraged its core capabilities to create
electronic service offerings in complementary information and e-commerce
This news release contains statements that, other than statements of
historical fact, may be forward-looking statements about the objectives,
financial condition and results of operations of the Fund. These statements
are forward-looking and reflect management's current views and are based on
certain assumptions and expectations. Actual results could be materially
different from expectations if known or unknown risks affect the business, or
if estimates or assumptions turn out to be inaccurate. No forward-looking
statement is a guarantee of future results. Investors are cautioned not to
place undue reliance on such forward-looking statements. Forward-looking
statements do not take into account the effect that transactions or
non-recurring items announced or occurring after the statements are made may
have on the business. Teranet disclaims any intention or obligation to update
any forward-looking statement even if new information becomes available, as a
result of future events or for any other reason, except as required by law.
These statements are subject to a number of risks described in the Risks and
Uncertainties section of the MD&A, which is available at www.sedar.com or on
the Teranet web site. Risks and Uncertainties may cause actual results to
differ materially from those contained in forward-looking statements.
For further information:
For further information: Bonnie Foster, Vice President, Corporate
Communications, (416) 643-1095, firstname.lastname@example.org; www.teranet.ca