Quorum Information Technologies Completes Significant Arrangement
CALGARY, Alberta — Quorum Information Technologies Inc. (TSX-V: QIS) is excited to announce the successful closure of its statutory plan of arrangement. This business move is a milestone for Quorum as it has resulted in the acquisition of all the outstanding Common Shares by 2745122 Alberta Inc., an affiliate of Valsoft Corporation Inc., for a cash price of $0.80 per Share.
Details of the Acquisition
The arrangement between Quorum and the Purchaser allows for a seamless transition as the companies align their operational goals. The information detailing this arrangement is available in the management's information circular made public on SEDAR+ under Quorum’s profile. This acquisition is set to open new avenues for Quorum as it seeks to enhance its service offerings and expand its market presence.
Impact on Trading Status
As a result of this arrangement, Quorum plans to delist its Common Shares from the TSX Venture Exchange (TSX-V) approximately on the date of this announcement. The delisting is pending final approval, and an application was submitted on November 26. Furthermore, Quorum intends to apply to the Canadian securities regulators to cease being a reporting issuer.
What Quorum Does
Quorum Information Technologies Inc. provides crucial Software as a Service (SaaS) solutions for the automotive industry, focusing on delivering effective enterprise solutions used by automotive dealerships and vehicle manufacturers. Their products include innovative tools and services designed to streamline dealership operations.
Innovative Solutions Offered by Quorum
One of Quorum’s standout products is its Dealership Management System (DMS), which has been tailored to enhance revenue and customer satisfaction. This system automates critical processes across dealership departments, making operations more efficient. Another significant offering is the DealerMine CRM, which enhances sales and service engagements within dealerships, driving crucial revenue streams.
Quorum also provides the Autovance platform, focusing on digital retailing to boost sales and enhance customer satisfaction. The addition of Accessible Accessories helps dealerships maximize ancillary revenue by efficiently managing vehicle accessories sales, while VINN Automotive serves as a market-driven solution for vehicle research and purchasing.
Future Outlook for Quorum
As Quorum moves forward post-acquisition, it looks to leverage its strengthened position to offer even more advanced solutions to the automotive industry. By embracing innovative technologies and enhancing customer relationships, Quorum aims to increase its competitive edge in the SaaS marketplace.
Leadership Commitment
Maury Marks, President and CEO of Quorum, emphasizes that this strategic acquisition positions the company for further growth and innovation. The team is dedicated to ensuring that the transition is seamless and beneficial for both organizations, allowing for enhanced offerings in the automotive sector.
Frequently Asked Questions
What was the main result of the arrangement?
The main outcome was the acquisition of Quorum's outstanding shares by 2745122 Alberta Inc. for $0.80 per share, marking a significant development for the company.
What will happen to Quorum's shares on the stock exchange?
Quorum's Common Shares are set to be delisted from the TSX Venture Exchange, pending final approval.
How does the acquisition enhance Quorum's position?
The acquisition allows Quorum to merge resources and capabilities with Valsoft Corporation, potentially enhancing their solution offerings in the automotive SaaS market.
What types of services does Quorum provide?
Quorum offers a range of SaaS solutions tailored for automotive dealerships, including management systems, CRM services, and digital retailing platforms.
Who can be contacted for more information about Quorum?
For inquiries, Maury Marks and Marilyn Bown can be contacted directly through the company's email addresses or via phone.
