NexJ Systems Inc. Acquires Broadstreet Data Solutions Inc.
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
As financial services and insurance organizations look to grow - whether through mergers and acquisitions that result in large data conversion projects or driving enterprise cross-selling initiatives - governance and management of customer data is crucial. These are also crucial issues in healthcare where adhering to patient privacy regulations is a fundamental requirement.
Business Intelligence and Data Analytics
From portfolio performance dashboards in financial services to public health analytics for disease screening, organizations are investing in business intelligence and embedded analytics to gain the quantitative insight needed to drive business decisions.
Mobile Application Development
Significant mobile application development expertise is expected to help financial services and insurance organizations looking to rapidly deliver mobile banking solutions on smart phones and tablets to customers, agents and advisors alike. It is also expected to accelerate the development of a mobile app ecosystem for the NexJ Connected Wellness Platform. This app ecosystem should benefit people and healthcare organizations that recognize the value of mobile health coaching in driving sustainable behaviour change.
"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 is a provider of cloud-based software, delivering enterprise customer relationship management (CRM) solutions for the financial services, insurance, and healthcare industries. Our next-generation, people-centered software combines industry-specific functionality with information from multiple applications and data stores to provide comprehensive knowledge of the individual. Organizations use this knowledge to provide superior sales and service by enabling proactive interactions that influence behavior.
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.
Broadstreet Data is a premium consultancy specializing in Data Analytic, Integration, Governance and Mobile solutions for large-enterprise customers in Canada and the US. Broadstreet Data provides market-leading data solution development skills and vertical domain expertise to major banks, insurance, retail, consumer packaged goods, healthcare, and public sector clients.
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
Certain statements in this press release may contain words considered forward-looking statements or information under applicable securities laws. These statements are based on NexJ's current expectations, estimates, forecasts and projections about the operating environment, economies and markets in which the company operates. These statements are subject to important assumptions, risks and uncertainties that are difficult to predict, and the actual outcome may be materially different. NexJ's assumptions, although considered reasonable by the company at the date of this press release, may prove to be inaccurate and consequently its actual results could differ materially from the expectations set out herein. For additional information with respect to risks and other factors which could occur, see NexJ's securities filings with the OSC and other securities regulators. NexJ securities filings are available on www.sedar.com. Unless otherwise required by applicable securities laws, NexJ disclaims any intention or obligations to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE NexJ Systems Inc.