From the Wires
Constellation Announces an Arbitration Ruling in Relation to a Previously Disclosed Customer Dispute
By: Marketwired .
Dec. 30, 2012 09:07 PM
TORONTO, ONTARIO -- (Marketwire) -- 12/31/12 -- Constellation Software Inc. ("Constellation") (TSX:CSU) today announced that one of its wholly-owned subsidiaries obtained an arbitration ruling in relation to a previously disclosed customer dispute.
The arbitration ruling concluded that no amounts were owing from the subsidiary to the customer for the various claims made by the customer and that the customer owes the subsidiary approximately $10 million in fees for services provided and for amounts owing due to a breach of contract by the customer.
Constellation will follow the required procedures to confirm the award into a judgment and enforce it, and is currently assessing the impact of this ruling on its financial results.
Further details of the customer claim and dispute can be found in Constellation's September 30, 2012 unaudited financial statements and Management Discussion and Analysis under "Acquisition of certain software assets and liabilities from MAXIMUS Inc.".
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