Welcome!

Microsoft Cloud Authors: David H Deans, Yeshim Deniz, Janakiram MSV, Andreas Grabner, Stackify Blog

News Feed Item

Matrix and Marquest Announce Proposed Business Combination

TORONTO, ONTARIO -- (Marketwire) -- 02/14/13 -- Matrix Asset Management Inc. (TSX:MTA) ("Matrix") and Marquest Asset Management Inc. ("Marquest") are pleased to announce they have signed a Letter of Intent to pursue a business combination (the "Transaction") which would result in significant benefits to both parties. Following the Transaction, the Board of Matrix and its senior management team will include representation from both organizations.

David Levi, CEO of Matrix, commented, "This merger is an ideal fit because our two organizations share so many common business activities. This presents a tremendous opportunity for us to realize significant synergies, attain greater scale and build on our strengths."

The Transaction


--  Under the proposed Transaction, privately-held Marquest will combine
    with Matrix by way of a share exchange. Marquest shareholders are
    expected to receive treasury common shares of Matrix totaling 35%(1) of
    Matrix's issued shares, post-closing, in exchange for all shares of
    Marquest. In addition, Marquest's capital markets business will be spun-
    off to Marquest's existing shareholders(2). 

--  Under the Letter of Intent, the parties have agreed to use their best
    efforts, on a timely basis, to negotiate and execute definitive
    documentation and take all steps necessary to close the Transaction.
    Closing, which is scheduled for March 22, 2013, is subject to customary
    closing conditions(3), including obtaining necessary shareholder, stock
    exchange and regulatory approvals. 

Andrew McKay, CEO of Marquest, commented, "We very much look forward to joining forces with Matrix, building on our combined business, and accessing new growth opportunities."

Summary of Expected Benefits

The proposed business combination is expected to yield the following benefits:


--  Additional substantial equity and working capital for the merged
    business, 

--  Significant cost savings from rationalization and operating synergies, 

--  Larger scale, diversified asset management platform, 

--  A stronger combined management team, and 

--  Greater growth opportunities. 

Other Provisions

The Letter of Intent also provides for the following significant matters:

Break Fees - A $500,000 break fee will be payable by either party to the other if that party fails to perform its obligations to pursue completion of the Transaction, or, on or before March 22, 2013, completes an alternative transaction that results in non-completion of the Transaction. However, if the Transaction does not close because Matrix accepts and completes an alternative transaction under a continuing process it initiated prior to the Letter of Intent, and Marquest has in good faith performed its obligations under the Letter of Intent, then Matrix will be required to pay Marquest a larger $750,000 break fee.

Grandfathered Items - Performance fees from Marquest managed or advised funds prior to Closing and gains on sales of securities acquired as a result of Marquest's capital markets unit activities prior to Closing, will be grandfathered to the existing Marquest shareholders (the cumulative total of such amounts paid to the existing Marquest shareholders being the "Grandfathered Amount"). However, to potentially offset this, any performance fees, IPA dividends or carried interest earned from any investment funds managed or advised by Matrix prior to Closing will not be for the benefit of the existing Marquest shareholders, until the total of such amounts equals the Grandfathered Amount.

CORNERSTONE GROUP(TM) acted as Exclusive Agent to Matrix on this Transaction.

Important Notes:

(1) The 35% figure is based on Marquest shareholders tendering all of Marquest's issued and outstanding shares/equity interest. It will be a lesser prorated percentage if less than all such Marquest shares are tendered at Closing.

(2) Marquest conducts an exempt market dealer, capital markets business which assists issuers in raising capital. This unit will be spun-off to the existing Marquest shareholders. Marquest, as a subsidiary of Matrix, will have a 20% minority, participating interest in this unit, commencing 2.5 years after Closing. This spun-off capital markets unit will operate independently of Matrix.

(3) Closing of the Transaction is subject to satisfaction or waiver of conditions agreed to by the parties. It is unknown at this time if these conditions will be satisfied or waived.

About Matrix

Matrix Asset Management Inc. (TSX:MTA) is a diversified asset and wealth management company, with approximately $1.1 billion in assets under management and offices across Canada. Matrix's mission is to provide a diverse array of investment choices and the best possible investment management service to Canadian investors and institutions. Matrix delivers its services through three main operating subsidiaries serving institutional, high net worth and retail investors.

About Marquest

Marquest Asset Management Inc. is a private Canadian investment management firm incorporated in 1986 that offers a diverse range of investment products covering a variety of equity and fixed-income products. Marquest has $200 million in assets under management, advisory or administration.

Forward-looking statements: Certain statements in this press release are forward-looking statements. Forward-looking statements are based on beliefs and assumptions at the time the statements are made, including beliefs and assumptions about successful integration of acquired operations and the availability of potential growth or acquisition opportunities. While management considers these beliefs and assumptions to be reasonable based on information currently available to it, they are subject to numerous risks and uncertainties and no assurance can be given that such beliefs and assumptions will prove to be correct. Accordingly, actual results may differ significantly from those expressed or implied by forward-looking statements due to many factors including, but not limited to, risks associated with completing acquisitions and successfully integrating acquired operations. Many of these risks are beyond the control of Matrix. Other than as specifically required by law, Matrix undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date on which such statements are made, or to reflect the occurrence of unanticipated events, whether as a result of new information, future events or results or otherwise.

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
"We're a cybersecurity firm that specializes in engineering security solutions both at the software and hardware level. Security cannot be an after-the-fact afterthought, which is what it's become," stated Richard Blech, Chief Executive Officer at Secure Channels, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Consumers increasingly expect their electronic "things" to be connected to smart phones, tablets and the Internet. When that thing happens to be a medical device, the risks and benefits of connectivity must be carefully weighed. Once the decision is made that connecting the device is beneficial, medical device manufacturers must design their products to maintain patient safety and prevent compromised personal health information in the face of cybersecurity threats. In his session at @ThingsExpo...
SYS-CON Events announced today that Grape Up 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. Grape Up is a software company specializing in cloud native application development and professional services related to Cloud Foundry PaaS. With five expert teams that operate in various sectors of the market across the U.S. and Europe, Grape Up works with a variety of customers from emergi...
Detecting internal user threats in the Big Data eco-system is challenging and cumbersome. Many organizations monitor internal usage of the Big Data eco-system using a set of alerts. This is not a scalable process given the increase in the number of alerts with the accelerating growth in data volume and user base. Organizations are increasingly leveraging machine learning to monitor only those data elements that are sensitive and critical, autonomously establish monitoring policies, and to detect...
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.
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.
Because IoT devices are deployed in mission-critical environments more than ever before, it’s increasingly imperative they be truly smart. IoT sensors simply stockpiling data isn’t useful. IoT must be artificially and naturally intelligent in order to provide more value In his session at @ThingsExpo, John Crupi, Vice President and Engineering System Architect at Greenwave Systems, will discuss how IoT artificial intelligence (AI) can be carried out via edge analytics and machine learning techn...
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...
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...
SYS-CON Events announced today that GrapeUp, the leading provider of rapid product development at the speed of business, will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Grape Up is a software company, specialized in cloud native application development and professional services related to Cloud Foundry PaaS. With five expert teams that operate in various sectors of the market acr...
From 2013, NTT Communications has been providing cPaaS service, SkyWay. Its customer’s expectations for leveraging WebRTC technology are not only typical real-time communication use cases such as Web conference, remote education, but also IoT use cases such as remote camera monitoring, smart-glass, and robotic. Because of this, NTT Communications has numerous IoT business use-cases that its customers are developing on top of PaaS. WebRTC will lead IoT businesses to be more innovative and address...
SYS-CON Events announced today that CA Technologies has been named "Platinum Sponsor" of SYS-CON's 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business - from apparel to energy - is being rewritten by software. From planning to development to management to security, CA creates software that fuels transformation for companies in the applic...
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...
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...
Recently, IoT seems emerging as a solution vehicle for data analytics on real-world scenarios from setting a room temperature setting to predicting a component failure of an aircraft. Compared with developing an application or deploying a cloud service, is an IoT solution unique? If so, how? How does a typical IoT solution architecture consist? And what are the essential components and how are they relevant to each other? How does the security play out? What are the best practices in formulating...
In his session at @ThingsExpo, Arvind Radhakrishnen discussed how IoT offers new business models in banking and financial services organizations with the capability to revolutionize products, payments, channels, business processes and asset management built on strong architectural foundation. The following topics were covered: How IoT stands to impact various business parameters including customer experience, cost and risk management within BFS organizations.
SYS-CON Events announced today that Elastifile 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. Elastifile Cloud File System (ECFS) is software-defined data infrastructure designed for seamless and efficient management of dynamic workloads across heterogeneous environments. Elastifile provides the architecture needed to optimize your hybrid cloud environment, by facilitating efficient...
SYS-CON Events announced today that Golden Gate University 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. Since 1901, non-profit Golden Gate University (GGU) has been helping adults achieve their professional goals by providing high quality, practice-based undergraduate and graduate educational programs in law, taxation, business and related professions. Many of its courses are taug...
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.
An increasing number of companies are creating products that combine data with analytical capabilities. Running interactive queries on Big Data requires complex architectures to store and query data effectively, typically involving data streams, an choosing efficient file format/database and multiple independent systems that are tied together through custom-engineered pipelines. In his session at @BigDataExpo at @ThingsExpo, Tomer Levi, a senior software engineer at Intel’s Advanced Analytics ...