In-Touch Survey Systems Ltd. ("In-Touch" TSXV: INX) announces that it has acquired Statopex Inc. a customer experience measurement company. Statopex, from its Montreal base, has a strong list of customers and provides its services to customers in Quebec and across Canada.
"We are very pleased to acquire such a long standing and respected company in the industry. In addition to the strong customer base, we expect this acquisition to bring significant synergies and sales opportunities across our product lines", said Cameron Watt, President & Chief Executive Officer of the Company.
The purchase of Statopex was for a combination of cash and In-Touch shares. The cash purchase price was $1.6M with $1.3M paid upon closing and $150,000 per year over the next two years based on revenue targets being met each year. The share component was 600,000 In-Touch common shares at a current price of $0.28. It is anticipated that this purchase will add $4M in annual revenue to In-Touch.
"I am very proud of the business that we have built over the last 28 years. The strong relationships we have developed with our customers are a testament to the strength of the Statopex team. Having the additional resources of In-Touch will allow Statopex to continue to grow by offering an even broader suite of products and services to its customer base. I look forward to the future of Statopex under the larger In-Touch umbrella." said Daniel Chailler, Founder & Past President of Statopex.
"This acquisition is in line with our overall growth strategy with a focus on the Software as a Service (SaaS) marketplace. We have not only acquired additional revenue and cash flow which may be invested in our products and services, but also a customer base to whom we will be able to sell additional products and services including our SaaS offerings," said Watt.
