Annual EBITDA contribution from Softgate Acquisition to exceed $6M USD
VANCOUVER, Oct. 18, 2016 /CNW/ - TIO Networks Corp., (TSX-V: TNC) ("TIO"), North America's largest walk-in bill payment processor, announced today that it has successfully completed the first phase of its integration of recently acquired Softgate Systems ahead of schedule and it expects total cost synergies from the integration to exceed $6M in EBITDA.
"The integration of Softgate into the TIO family as it relates to cost synergies is ahead of plan," said Hamed Shahbazi, CEO of TIO Networks. "The acquisition of Softgate's fully licensed footprint has augmented TIO's business across all 50 states and propelled the Company to its strongest financial position to date."
With the first stage of the integration complete, Rick Auletta, the former CEO of Softgate Systems, is leaving the Company. We would like to sincerely thank Rick for his excellent work in supporting the successful transition and wish him well in his future endeavors."
In conjunction with the integration of Softgate, TIO has established a new corporate structure that consists of three distinct business units: Biller and Agent Solutions, Telecom Solutions and Consumer Financial Solutions. Under the new structure each business unit will focus on specific aspects of TIO's corporate offerings:
- Biller and Agent Solutions houses TIO's multichannel bill payment processing business including its multi-purpose walk-in bill payment business under which Global Express and Softgate Systems will operate.
- TIO Telecom Solutions will focus on servicing the specific bill payments and other needs of wireless, cable and other telecom network operators and their authorized retail based dealers.
- Consumer Financial Solutions will focus on TIO's B2C element, which includes its direct-to-consumer mobile-optimized web-based bill payments experience, TIO.com.
All business units are supported by TIO's shared services teams which include Finance, Operations, Product, Engineering, IT Infrastructure, M&A and Compliance. This new structure provides TIO's leadership team with the strategic focus it requires to serve its customer stakeholders in the most optimal manner.
About TIO Networks
TIO Networks is a cloud-based multi-channel bill payment processing and receivables management provider, serving the largest telecom, wireless, cable, and utility bill issuers in North America. TIO integrates with the back office of billing systems to accept, validate, and collect payments outside of the traditional bank channel, via self-service kiosk, retail walk-in, mobile, and web solutions. With over 69,000 endpoints in its processing network, TIO symbolizes fast, convenient, and secure access to expedited bill payment services.
The TSX Venture Exchange has not reviewed this news release and does not accept responsibility for its adequacy and accuracy.
This news release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. Potentially, many factors could cause actual results to vary materially from those described herein as intended, planned, anticipated or expected. TIO Networks Corp. does not intend and does not assume any obligation to update these forward-looking statements.
SOURCE TIO Networks Corp.