MILWAUKEE, June 15, 2012 /PRNewswire/ -- Decision Insight Information Group, Inc. ("Decision Insight"), an indirect wholly-owned subsidiary of Property Data Holdings, Ltd. ("Property Data"), a portfolio company of TPG, today announced that on June 14, 2012, one of its affiliates entered into a privately negotiated agreement to acquire ownership of 2,193,932 common shares ("Common Shares") in the capital of Automated Benefits Corp. ("ABC") (TSX-V: AUT) from James Swayze, Chief Executive Officer of ABC, at a price of $0.499 per Common Share, for an aggregate purchase price of $1,094,772.06 payable in cash. The transaction is expected to close on or about June 18, 2012. Immediately after the closing of such transaction, Mr. Swayze will own approximately 9,960,532 Common Shares of ABC and options to purchase 477,866 Common Shares of ABC.
Property Data currently exercises control or direction over 59,210,816 Common Shares, or approximately 33.28% of the issued and outstanding Common Shares of ABC. As a result of this transaction, upon closing, Property Data will exercise control or direction over an aggregate of 61,404,748 Common Shares, representing approximately 34.10% of the issued and outstanding Common Shares of ABC.
The Common Shares are being acquired for investment purposes only. Property Data or its affiliates may in the future acquire or dispose of Common Shares or other securities of ABC, in the open market or in privately negotiated purchases or otherwise, in each case to the extent then permitted by applicable law and regulation. The Common Shares are being acquired pursuant to the private agreement take-over bid exemption in Section 4.2 of Multilateral Instrument 62-104 Take-over Bids and Issuer Bids and in compliance with the requirements thereof.
About Decision Insight Information Group
Decision Insight Information Group, located in the U.S., Canada and Europe, delivers a comprehensive range of information, infrastructure and decision support products and services for financial and legal professionals. Operating at the heart of the property industry, Decision Insight Information Group manages complex information solutions and provides clarity on decision making for buying, selling, conveyancing, financing and insurance. Decision Insight companies include MSB and DataQuick in the U.S., Access Point Information Canada, SearchFlow, xit2 and Decision Insight Hub in the UK, Millar & Bryce in Scotland, Rochford Brady Group in the Republic of Ireland, and Wertweiser, a joint venture with HVB Bank, in Germany. Decision Insight has 1,100 employees in 16 offices. For more information, visit www.decisioninsightgroup.com. Decision Insight Information Group is a TPG portfolio company.
SOURCE Decision Insight Information Group, Inc.