Nov, 2001 : Burntsand to Acquire US Assets of Primix
📅 - Burntsand Inc. (burntsand.com) a Toronto-based e-business solutions integrator, announced yesterday that it has signed an agreement to acquire certain North American operations and assets of Boston,Massachusetts-based Primix Solutions Inc. (primix.com).
Burntsand will acquire the operations of Primix New England for a cashpayment of US$7 million. Burntsand will also receive the assets used in thebusiness totaling US$3 million and assume liabilities of US$3 million. Theacquisition, which is subject to certain closing conditions including theapproval of Primix's stockholders, is expected to close in mid to late Dec.2001.
Located in Boston, Primix has 80 employees, 60 focused on e-solutionsdelivery, and has anticipated 2001 revenues of approximately US$14 million.Based on Primix New England's market position, staff metrics and historicalmargins, it is anticipated that the acquisition will have a positiveaccretive impact on Burntsand's financial results. Primix New England'sclients include such organizations as A.T. Cross, Aetna / US Healthcare,Blue Cross / Blue Shield, Citibank, Computerworld, Fleet Boston, Genzyme,Joslin Diabetes Center, Lucent Technologies, Pergo, Rockwell Collins andWaters Corporation.
"Burntsand's objective is to continue to build and grow a world-classorganization capable of generating significant value for clients, employeesand shareholders," said Paul Bertin, president and CEO of Burntsand. "Thisis another major step in realizing our objectives. We anticipatetransitioning the management team at Primix New England to Burntsand as partof the acquisition. Under the leadership of Marty Glover, Burntsand willaccelerate growth and expansion in the US North-East business corridor.Primix New England's expertise in the strategy, technical and creativeaspects of e-business solutions development and integration arecomplimentary and consistent with Burntsand's assessment of what is neededto succeed in the e-business solutions marketplace."
"The underlying logic behind this proposed transaction is truly compelling,"stated Marty Glover of Primix. "We have a similar approach in the successfuldelivery of highly complex e-business solutions for blue chip clients. Wespeak the same business language, have common experiences, and have trulyawesome professional talent. The joining of our organizations will result ina team that will make a significant impact on the US North East e- businessmarket."
Burntsand president and CEO Paul Bertin will host a conference on ThursdayNov. 15th at 12:00 PM EST to discuss details of the proposed acquisition.Burntsand chairman Jim Yeates, CFO Blair Baxter and Chief marketing OfficerTom Healey will be available on the call. For more details, please seeBurntsand's Web site.
Burntsand will acquire the operations of Primix New England for a cashpayment of US$7 million. Burntsand will also receive the assets used in thebusiness totaling US$3 million and assume liabilities of US$3 million. Theacquisition, which is subject to certain closing conditions including theapproval of Primix's stockholders, is expected to close in mid to late Dec.2001.
Located in Boston, Primix has 80 employees, 60 focused on e-solutionsdelivery, and has anticipated 2001 revenues of approximately US$14 million.Based on Primix New England's market position, staff metrics and historicalmargins, it is anticipated that the acquisition will have a positiveaccretive impact on Burntsand's financial results. Primix New England'sclients include such organizations as A.T. Cross, Aetna / US Healthcare,Blue Cross / Blue Shield, Citibank, Computerworld, Fleet Boston, Genzyme,Joslin Diabetes Center, Lucent Technologies, Pergo, Rockwell Collins andWaters Corporation.
"Burntsand's objective is to continue to build and grow a world-classorganization capable of generating significant value for clients, employeesand shareholders," said Paul Bertin, president and CEO of Burntsand. "Thisis another major step in realizing our objectives. We anticipatetransitioning the management team at Primix New England to Burntsand as partof the acquisition. Under the leadership of Marty Glover, Burntsand willaccelerate growth and expansion in the US North-East business corridor.Primix New England's expertise in the strategy, technical and creativeaspects of e-business solutions development and integration arecomplimentary and consistent with Burntsand's assessment of what is neededto succeed in the e-business solutions marketplace."
"The underlying logic behind this proposed transaction is truly compelling,"stated Marty Glover of Primix. "We have a similar approach in the successfuldelivery of highly complex e-business solutions for blue chip clients. Wespeak the same business language, have common experiences, and have trulyawesome professional talent. The joining of our organizations will result ina team that will make a significant impact on the US North East e- businessmarket."
Burntsand president and CEO Paul Bertin will host a conference on ThursdayNov. 15th at 12:00 PM EST to discuss details of the proposed acquisition.Burntsand chairman Jim Yeates, CFO Blair Baxter and Chief marketing OfficerTom Healey will be available on the call. For more details, please seeBurntsand's Web site.
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