From the Wires
NexJ Systems Inc. Acquires Broadstreet Data Solutions Inc.
By: PR Newswire
Nov. 1, 2012 07:13 PM
NexJ adds expertise in data management, analytics and mobile solutions to complement its finance, insurance and healthcare offerings
TORONTO, Nov. 1, 2012 /PRNewswire/ - NexJ Systems Inc., (TSX: NXJ) a provider of cloud-based software, delivering enterprise solutions for the financial services, insurance, and healthcare industries, today announced the acquisition of Broadstreet Data Solutions Inc. (Broadstreet Data), a leading boutique data solutions firm. The acquisition brings complementary expertise in data governance and management, data integration and quality, business intelligence and analytics, and mobile application development to NexJ and its solutions. Tim Stanley, President of Broadstreet Data, brings extensive IT sales and leadership experience and joins NexJ as Senior Vice President (SVP) of Global Sales.
"Broadstreet Data is a strategic complement to our business and all our target markets," said William M. Tatham, Chief Executive Officer, NexJ Systems. "They are cash flow positive and profitable and add significant expertise in data management, analytics and mobile solutions - expertise I believe will further differentiate us in the market place by broadening our offerings. We are also very pleased to be strengthening our management team with new sales leadership in Tim Stanley, and his industry-leading team."
Data Governance and Management
Business Intelligence and Data Analytics
Mobile Application Development
"Better analytics, data governance, and mobile portability are three critical differentiators to CIOs as they look to deploy enterprise applications," commented Tim Stanley, President of Broadstreet Data. "We look forward to bringing these skills to NexJ and, in turn, introducing NexJ's solutions to our financial services and healthcare clients across North America."
NexJ has agreed to pay up to approximately $8.2 million, based on the closing price of NexJ common shares on November 1, 2012, in a combination of cash and common shares which includes certain earn-out provisions. On closing, NexJ paid cash of $3.2 million and issued 527,905 common shares.
About NexJ Systems Inc.
NexJ was founded by an executive management team with extensive experience in the successful design and delivery of large-scale, integrated, enterprise software solutions. For more information about NexJ Systems visit www.nexj.com, e-mail firstname.lastname@example.org, or call 416-222-5611.
About Broadstreet Data Solutions Inc.
Founded in 2008, Broadstreet Data has partnered with over thirty Global 2000 firms to design and develop complex data solutions. For more information about Broadstreet Data visit www.broadstreetdata.com.
NexJ Forward-looking Statement
SOURCE NexJ Systems Inc.
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