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| With the successful
completion of a takeover of Quebecor subsidiary Intellia
on Nov. 2, 1999 and a simultaneous partial takeover of
Informission by Quebecor, the shares of this inormation
technology soared 35%. The deal makes Informission a pre-eminent international player in the e-commerce solutions market. Informission employs 700 professionals in e-commerce, Web solutions, systems integration and IP/telecom software. It has offices in Montreal, Quebec City, Toronto, Ottawa, Orlando, Seattle, Houston and Paris. As President and CEO Jacques Topping put it when the deal was announced in September, "This association with Intellia, as well as with Quebecor Inc., will substantially accelerate our growth in addition to providing new opportunities for our personnel. Finally, by combining the expertise of the Intellia team in e-commerce solutions and our expertise in the area of integrated WEB and Telecom/IP Embedded solutions we expect to take a significant position in the United States and in Europe and to be recognised as the Canadian leader in this area." The deal injected $40 million of working capital into the company while securing preferred supplier status with the giant Quebecor conglomerate. Quebecor now controls 58.3% of its shares. With $60 million in cash reserves, the company will be looking to expand through strategic acquisitions. For the quarter ended Aug. 31, 1999, Informission reported a 61% increase in revenues over the same quarter the previous year. Earnings per share for the quarter were down to $0.04 from $0.07 for the same period. In the first quarter of 2000 (to March 31), the company went on the acquisition trail, taking over France's leading Internet company Cythere, among others. Revenues for the quarter increased 127% over the same quarter the year before. And gross margins increased from 37.3% to 44.2%. Earnings before interest, taxes, depreciation and amortization increased from nothing to $0.02 a share, but earnings per share after those expenses came in at an 11 cent loss. The company changed its name to nurun Inc. to reflect its international nature in the second quarter of 2000. Shares Outstanding: 30,798,854
Address: Phone: (514) 843-2001 This page first posted:
Nov. 7, 1999 |
Stock Symbol: IFN (TSE) IFN (MSE) News: Forums: |