Welcome!

Microsoft Cloud Authors: Yeshim Deniz, Janakiram MSV, Andreas Grabner, Stackify Blog, Liz McMillan

News Feed Item

SEB Closes QLogitek Acquisition

TORONTO, ONTARIO -- (Marketwire) -- 02/07/13 -- Smart Employee Benefits Inc. ("SEB") (TSX VENTURE:SEB), is a technology company providing software, solutions and services specializing in "managing group benefit solutions and healthcare claims processing environments, managing human resource processes and requirements and automating business processes" for corporate, government and non-profit clients. SEB is pleased to announce it has received final approval from the TSX Venture Exchange and has closed the acquisition of Logitek Technology Ltd. ("QLogitek").

Mr. Latiq Qureshi, the principal of QLogitek, has joined the board of directions of SEB. Mr. Qureshi is the founder of QLogitek. He has been operating his own businesses since 1976. Mr. Qureshi has extensive global business and technology experience throughout Africa, the Far East, the Middle East, Europe and North America since 1969. He has extensive global business relationships and his companies have achieved many prestigious awards for technology innovation. Mr. Qureshi, personally, was also recognized by the Government of Canada with the Queen Elizabeth II Golden Jubilee Medal for his commitment, perseverance and support for community leadership.

PURCHASE TERMS:

SEB issued, in satisfaction of the $2,009,452 purchase price, 6,698,173 SEB shares ("Shares") and 1,000,000 Share Purchase Warrants ("Warrants"). SEB and the Seller of QLogitek, Logitek Data Sciences Ltd., agreed to a contractual escrow arrangement pursuant to which one million Shares would be released on the closing and the balance over a period of 30 months in various amounts at 6 month intervals. The Warrants have a term of 42 months and an escalating exercise price every 12 months of $0.45, $0.55 and $0.65 during the first three years of the term and at $0.75 for the last six months of the term. The Warrants contain performance vesting conditions during their term equating to cumulative revenue and EBITDA targets of $15.0 million and $3.0 million, respectively. As part of the transaction and in order to retire $651,858 of debt owing by QLogitek, SEB issued a five year convertible note in the amount of $651,858 with an annualized interest rate of 3% and an escalating conversion price of $0.45, $0.55, $0.65, $0.70 and $0.75 from years one through five.

ABOUT QLOGITEK:

QLogitek is a leading B2B-EDI supply chain integration solutions provider. B2B complexities surrounding planning, buying, making, paying, moving, and selling are conveniently managed through the company's suite of 10 products and services. This suite connects enterprises with their trading partners to enable an array of supply chain processes such as EDI exchange for supplier order fulfillment, inbound management for distribution centre optimization, repair-order tracking, scan-based trading, product lifecycle management and claims management. The company offers an innovative cloud computing service delivery model as well as a traditional on-premise model.

20,000 trading partner organizations including manufacturers, shippers, and distributors are mobilized by QLogitek across 170 countries for leading North American retail and consumer packaged goods (CPG) enterprises. These enterprises include LCBO, Hudsons Bay Company, Best Buy, LG Electronics and Rogers Communications, to mention a few. QLogitek's 24x7 operations allow approximately 80,000 business users globally to conduct over 3.7 billion transactions annually.

Based in Toronto (Canada), the company has been a Microsoft Gold Certified Partner since its inception in 1999. It was the first Canadian partner to be designated a Microsoft Supply Chain Management (SCM) "Go-To" Partner and, in 2001, was the sole recipient of Microsoft's .NET award for being the first company to deliver Microsoft's vision of 'technology-as-a-service' to a business community. Since then it has gone on to receive national and international awards and accolades. In 2011, QLogitek was 1 of 3 global finalists in the Application Integration category in the Microsoft Worldwide Partner Awards. In this same year, it won Microsoft Canada's IMPACT Award for being Canada's top application integration solutions provider. Most recently, in 2012, QLogitek was recognized by the Retail Council of Canada (RCC) as having delivered Canada's top technology solution. QLogitek's customer LCBO deployed its cloud-based Inbound Management System (IMS) for scheduling to warehouses and its Suppler Order Management System (SOMS) for purchase order automation to win this prestigious award.

QLogitek will be operated as a subsidiary of SEB while maintaining it's current brand and software/service/solutions offerings. QLogitek's supply chain solutions and systems integration expertise will significantly enhance SEB's health claims processing solutions capability to its clients. For more information, please visit www.qlogitek.com.

ABOUT SEB:

SEB is a technology company providing software, solutions and services specializing in "managing group benefit solutions and healthcare claims processing environments, managing Human Resource processes and requirements and automating business processes" for corporate, government and non-profit clients. Health Claims Processing 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 operates a licensed Third Party Administrator ("TPA") and Insurance Broker 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 solutions for highly specialized environments (e.g.: travel claims, 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 more information, please visit www.seb-inc.ca.

EXECUTIVE COMMENTS:

John McKimm, President/CEO/CIO of SEB commented, "QLogitek is an established company providing world-class supply chain software, solutions and services to a number of Canada's leading companies who sell products and services to consumers (both individual and corporate) globally. SEB views 'health claims processing' as a supply chain environment. The QLogitek supply chain software solutions and PCI level one compliant hosting environment, combined with SEB's leading rules based, fully integrated adjudication software platform will give SEB the capability to provide health claims processing clients with highly customized, fully integrated - administration, billing, adjudication, claims paying, reporting - technology environments which are very unique in the health claims processing industry. The QLogitek acquisition enhances SEB's ability to offer efficient and highly cost effective functionality, features, and comprehensive services to this industry that are not readily available in the Canadian marketplace today. Mr. Qureshi is a technology visionary and has built and deployed many innovative technology solutions for leading global companies and organizations. Mr. Qureshi's experiences will add significantly to the Board of SEB, particularly in the areas of technology vision, practical business processes and thought leadership. We are pleased to welcome Mr. Qureshi to the Board of Directors of SEB."

Latiq Qureshi, Pres/CEO, QLogitek, commented, "Mr. McKimm and I have been business associates for many years. We are very excited about the SEB vision and see numerous applications for QLogitek technology solutions in healthcare. QLogitek is a well established solutions provider offering supply chain expertise and software. The 'health claims processing' industry is a massive industry. QLogitek expertise and software solutions, combined with the leading SEB technology solutions (in adjudication and administration) and expertise is a powerful combination in an industry where critical and core functionality still operates on 25 year old mainframe environments. Additionally, SEB management will bring opportunities and business relationships to enlarge QLogitek's core supply chain software and systems integration business. The fit between QLogitek and SEB creates opportunities for both companies to further QLogitek supply chain solutions into new marketplaces, particularly in healthcare. QLogitek and SEB have been co-located for a number of months. We are collaboratively engaged in joint technology development and a number of joint client initiatives, including synergistic acquisitions. There are many additional synergies that both companies will enjoy as we move forward together in providing software, solutions and services to our clients."

Forward-Looking Statements

This press release is intended for information purposes only. Statements made in this press release may contain "forward looking" information about the company's future business prospects. These statements - while expressed in good faith and believed to have a reasonable basis - are subject to risk and uncertainties that could cause actual results to differ materially from those set forth or implied by such forward looking statements. Investors should consult a professional advisor before making any investment decision.

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.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@ThingsExpo Stories
While the focus and objectives of IoT initiatives are many and diverse, they all share a few common attributes, and one of those is the network. Commonly, that network includes the Internet, over which there isn't any real control for performance and availability. Or is there? The current state of the art for Big Data analytics, as applied to network telemetry, offers new opportunities for improving and assuring operational integrity. In his session at @ThingsExpo, Jim Frey, Vice President of S...
"We provide IoT solutions. We provide the most compatible solutions for many applications. Our solutions are industry agnostic and also protocol agnostic," explained Richard Han, Head of Sales and Marketing and Engineering at Systena America, in this SYS-CON.tv interview at @ThingsExpo, held June 6-8, 2017, at the Javits Center in New York City, NY.
DX World EXPO, LLC., a Lighthouse Point, Florida-based startup trade show producer and the creator of "DXWorldEXPO® - Digital Transformation Conference & Expo" has announced its executive management team. The team is headed by Levent Selamoglu, who has been named CEO. "Now is the time for a truly global DX event, to bring together the leading minds from the technology world in a conversation about Digital Transformation," he said in making the announcement.
"DX encompasses the continuing technology revolution, and is addressing society's most important issues throughout the entire $78 trillion 21st-century global economy," said Roger Strukhoff, Conference Chair. "DX World Expo has organized these issues along 10 tracks with more than 150 of the world's top speakers coming to Istanbul to help change the world."
"We are focused on SAP running in the clouds, to make this super easy because we believe in the tremendous value of those powerful worlds - SAP and the cloud," explained Frank Stienhans, CTO of Ocean9, Inc., in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
"We've been engaging with a lot of customers including Panasonic, we've been involved with Cisco and now we're working with the U.S. government - the Department of Homeland Security," explained Peter Jung, Chief Product Officer at Pulzze Systems, in this SYS-CON.tv interview at @ThingsExpo, held June 6-8, 2017, at the Javits Center in New York City, NY.
In the enterprise today, connected IoT devices are everywhere – both inside and outside corporate environments. The need to identify, manage, control and secure a quickly growing web of connections and outside devices is making the already challenging task of security even more important, and onerous. In his session at @ThingsExpo, Rich Boyer, CISO and Chief Architect for Security at NTT i3, discussed new ways of thinking and the approaches needed to address the emerging challenges of security i...
What sort of WebRTC based applications can we expect to see over the next year and beyond? One way to predict development trends is to see what sorts of applications startups are building. In his session at @ThingsExpo, Arin Sime, founder of WebRTC.ventures, discussed the current and likely future trends in WebRTC application development based on real requests for custom applications from real customers, as well as other public sources of information.
The financial services market is one of the most data-driven industries in the world, yet it’s bogged down by legacy CPU technologies that simply can’t keep up with the task of querying and visualizing billions of records. In his session at 20th Cloud Expo, Karthik Lalithraj, a Principal Solutions Architect at Kinetica, discussed how the advent of advanced in-database analytics on the GPU makes it possible to run sophisticated data science workloads on the same database that is housing the rich...
SYS-CON Events announced today that Massive Networks will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Massive Networks mission is simple. To help your business operate seamlessly with fast, reliable, and secure internet and network solutions. Improve your customer's experience with outstanding connections to your cloud.
Internet of @ThingsExpo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 21st Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devic...
"The Striim platform is a full end-to-end streaming integration and analytics platform that is middleware that covers a lot of different use cases," explained Steve Wilkes, Founder and CTO at Striim, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
Everything run by electricity will eventually be connected to the Internet. Get ahead of the Internet of Things revolution and join Akvelon expert and IoT industry leader, Sergey Grebnov, in his session at @ThingsExpo, for an educational dive into the world of managing your home, workplace and all the devices they contain with the power of machine-based AI and intelligent Bot services for a completely streamlined experience.
With tough new regulations coming to Europe on data privacy in May 2018, Calligo will explain why in reality the effect is global and transforms how you consider critical data. EU GDPR fundamentally rewrites the rules for cloud, Big Data and IoT. In his session at 21st Cloud Expo, Adam Ryan, Vice President and General Manager EMEA at Calligo, will examine the regulations and provide insight on how it affects technology, challenges the established rules and will usher in new levels of diligence...
SYS-CON Events announced today that Calligo, an innovative cloud service provider offering mid-sized companies the highest levels of data privacy and security, has been named "Bronze Sponsor" of SYS-CON's 21st International Cloud Expo ®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Calligo offers unparalleled application performance guarantees, commercial flexibility and a personalised support service from its globally located cloud plat...
SYS-CON Events announced today that DXWorldExpo has been named “Global Sponsor” of SYS-CON's 21st International Cloud Expo, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Digital Transformation is the key issue driving the global enterprise IT business. Digital Transformation is most prominent among Global 2000 enterprises and government institutions.
SYS-CON Events announced today that Datera, that offers a radically new data management architecture, has been named "Exhibitor" of SYS-CON's 21st International Cloud Expo ®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Datera is transforming the traditional datacenter model through modern cloud simplicity. The technology industry is at another major inflection point. The rise of mobile, the Internet of Things, data storage and Big...
"MobiDev is a Ukraine-based software development company. We do mobile development, and we're specialists in that. But we do full stack software development for entrepreneurs, for emerging companies, and for enterprise ventures," explained Alan Winters, U.S. Head of Business Development at MobiDev, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
SYS-CON Events announced today that DXWorldExpo has been named “Global Sponsor” of SYS-CON's 21st International Cloud Expo, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Digital Transformation is the key issue driving the global enterprise IT business. Digital Transformation is most prominent among Global 2000 enterprises and government institutions.
In his opening keynote at 20th Cloud Expo, Michael Maximilien, Research Scientist, Architect, and Engineer at IBM, discussed the full potential of the cloud and social data requires artificial intelligence. By mixing Cloud Foundry and the rich set of Watson services, IBM's Bluemix is the best cloud operating system for enterprises today, providing rapid development and deployment of applications that can take advantage of the rich catalog of Watson services to help drive insights from the vast t...