TORONTO, ONTARIO — (Marketwired) — 12/02/13 — Smart Employee Benefits Inc. (“SEB”) (TSX VENTURE: SEB), is pleased to announce it has acquired 50% of Inforica Inc. through a share subscription made by SEB-s wholly owned subsidiary, Logitek Technology Ltd.
Stated John McKimm, CEO of SEB, “We are pleased to close the Inforica transaction. We have worked closely with Inforica since originally announcing the transaction in March, 2013. We made our original investment in the form of a working capital loan shortly after the March, 2013 announcement. Closing this investment is simply converting a portion of the loan to equity in return for a 50% equity stake in the business. Since making our announcement in March, 2013, Inforica has added over $2.5 million of new annuity business and created a backlog of over $4.0 million, deliverable over the next 12 months. SEB-s intention is to acquire the remaining 50% equity interest within the next 36 months. Our relationship with Inforica has already increased the opportunities available to Logitek Technology Ltd. and to the Somos Group, and other SEB companies focused on providing services to both corporate and government clients. The synergies provided by the joining together of these organizations are significant in developing new business opportunities and helping SEB be a stronger technology player in the health care industry.”
About Inforica: Inforica Inc. is a Mississauga, Ontario based company that has been in operation for over a decade. Sales have historically fluctuated between $2.5 million and $5.0 million annually. The key features of Inforica which have value for SEB are as follows:
About SEB: SEB is a technology company providing software, solutions and services specializing in managing group benefit solutions and healthcare claims processing environments for corporate and government clients, both in Canada and internationally. Health Claims Processing in Canada alone is a $56.0 billion industry, of which over $33.0 billion is employee group benefit plans and over $23.0 billion of other healthcare benefit claims (e. g. workers- compensation claims, travel benefits, various federal and provincial government programs, dental associations, drug associations, etc.). In the employee group benefits industry, SEB provides Third Party Administrator (“TPA”) services and Insurance Brokerage services utilizing its software platform to provide “totally hosted PCI compliant supply chain solutions” for managing the complete group benefits business processes between insurers, clients, brokers, consultants, technology service providers and healthcare service providers. In healthcare claims processing, SEB also operates as a systems integrator utilizing its technology platform together with other technologies to provide customized, fully integrated solutions for specialized environments (e.g. travel claims, student benefits, hospitals, unique government applications, etc.). The technology and expertise deployed in this area also allows SEB to provide other related supply chain, systems integration and human resource solutions and services to the same clients.
For further information about SEB, please visit .
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Smart Employee Benefits Inc.
John McKimm
President/Chief Executive Officer
(416) 460-2817
Smart Employee Benefits Inc.
Shelly Frank
Vice-President, Marketing
(888) 939-8895 x 358
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