Wednesday, May 12, 2004
Software Innovation Inc. acquired by Verdexus
Software Innovation Inc. acquired by Verdexus, set to launch new growth phase
Toronto, Ontario – May 12, 2004 - Software Innovation Inc. today announced that the company has been acquired by Verdexus, a boutique investment and management firm. This acquisition represents a new phase of growth for Software Innovation Inc. - new financing will be used to fund market expansion for all product lines as well as to drive research and development for Software Innovation Inc.’s Project Collaboration System. Seasoned management additions from Verdexus, including Randall Howard (CEO) and Waqar Zaidi (COO), bring expertise in the development and operation of global technology companies as well as complementing existing domain knowledge and management.
Software Innovation Inc. will continue to deliver solutions to its clients including Project Collaboration Systems (PCS), growBusiness customer relationship management (CRM) and ProArc document management. Software Innovation Inc.’s PCS collaboration solution is relied on by companies for use in capital projects by over 6500 users in 20 countries around the world. ProArc is an advanced document management system designed for use in complex technical environments like large capital projects. growBusiness is the extended CRM solution from Norway’s Software Innovation ASA that goes beyond the functionality offered by traditional CRM to present solutions that address all of an enterprise´s business channels.
“This acquisition and additional investment represents a strengthening of the strategic relationship for Software Innovation ASA and Software Innovation Inc.,” says Per Kveim, CEO of Software Innovation ASA. “The two companies will continue to work closely to support customers and to drive new business, and we believe that this transaction will provide Software Innovation Inc. with greater freedom and ability to grow and to pursue the extensive market opportunities available throughout North America.”
“We are very enthusiastic about the opportunity to develop the Software Innovation Inc. organization,” says Randall Howard of Verdexus and the new CEO of Software Innovation Inc. “We see an excellent market opportunity here and plan to aggressively pursue that opportunity through SI Inc. Our goal is to take the relationship with our Norwegian partner Software Innovation ASA, to the next level while expanding our position in the project collaboration for capital projects space. The companies, the people and the technology involved are all outstanding and well suited to help us meet our goals with the organization.”
About Software Innovation Inc.
About Software Innovation ASA