Toronto, March 12, 1999... Financial Models Company Inc. (FMC) announced today that it has completed the acquisition of all of the issued and outstanding shares of SRG Software Inc. (SRG).
SRG is a privately held, Canadian company, providing consulting and integration services based on Microsoft's Windows NT platform. Established in 1991, Toronto-based SRG has grown rapidly to become prominent in its field. SRG's management anticipates SRG's unaudited revenue for the fiscal year ended February 28, 1999 to be approximately $5.6 million, an increase of more than 75% over fiscal 1998 audited revenue of approximately $3.2 million.
The shares of SRG were acquired in exchange for $1,450,000 in cash and the issuance of 367,000 common shares of FMC.
"We are very pleased to complete the acquisition of SRG," said Stamos D. Katotakis, President and CEO of FMC. "SRG has distinguished itself in the development, deployment and integration of advanced systems using many of the same Microsoft technologies incorporated in FMC's 'Sparta' project. SRG's outstanding expertise, record of accomplishment and exceptional management team and consultants represent a significant addition to the total capabilities of FMC. SRG's services will be available to assist FMC clients in adopting the 'Sparta' technologies."
"We are delighted to join forces with FMC," said Peter Suma, President and founder of SRG. "SRG now has access to the resources it requires to continue its growth. FMC is a premier software company with a set of outstanding products utilizing the latest in Microsoft's Enterprise technology suite. FMC has an enviable record of innovation as evidenced by the recent completion of FMCTrade, the first investment management system in the world to incorporate the Windows DNAfs architectural framework. FMC's established position in the investment management area world-wide provides a new set of significant opportunities for SRG."
SRG will continue operations as a wholly owned subsidiary of FMC under the direction of Mr. Suma who is continuing in his position as President of SRG.
Established in 1976, Financial Models Company Inc. is a
leading provider of software and services to the investment management industry.
FMC's mission critical and decision support systems are used by many prominent
investment managers around the world. FMC is a public company whose common
shares trade on the Toronto Stock Exchange (Symbol: FMC).
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