Cedar Group Acquires Systems Implementer and Project-Management Firm.Business/Technology Editors HAVERHILL, Mass.--(BUSINESS WIRE)--Aug. 4, 2000 Cipher Systems--One of the 50 Fastest-Growing Technology Companies in Canada--Will Extend Reach of Enterprise Business Solution Provider's Products and Services Enterprise business-solution provider Cedar Group US, Inc., announced today that it has acquired Cipher Systems Ltd., the Calgary, Alberta-based service provider. The acquisition will enable Cedar Group to expand its implementation and project-management services throughout North America, extend the reach of its distribution channel, and improve localized service delivery throughout Canada and the Pacific Northwest. The deal is worth a potential $12 million US, consisting of an initial cash payment of $4.2 million US, with up to $7.8 million US in additional payments tied to performance objectives over a two-year period. "The acquisition of Cipher Systems strategically positions Cedar Group to continue its strong penetration of the North American marketplace and to take advantage of the increased demand we're experiencing in the north and northwest," said Tom Rump, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Cedar Group US. "Cipher Systems has tremendous brand awareness, a track record of customer satisfaction that spans 22 years, and extensive experience in the health and government sectors. The company's delivery capability, coupled with Cedar Group's products, is a winning combination." "We are very pleased to be joining the Cedar Group family," said Jennifer McNeill, president, Cipher Systems. "By offering a larger set of high-quality enterprise business solutions to the Canadian marketplace, we can reach more clients, while continuing to provide quality software solutions to our clients." Cedar Group's current customer base extends into Canada and includes such notable customers as Levi Strauss of Canada and Great Lakes Power. Over the past few quarters, the company has seen increasing demand for enterprise solutions that can be quickly implemented and effectively maintained. The addition of Cipher Systems to the Cedar Group family helps extend the company's distribution channels, while ensuring that a high level of service will be maintained as the customer base expands. As a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Cedar Group Plc, Cipher Systems will retain its name, adding "A Cedar Group Company" and the Cedar Group logo to its masthead mast·head n. 1. Nautical The top of a mast. 2. The listing in a newspaper or periodical of information about its staff, operation, and circulation. 3. . Jennifer McNeill will continue to serve as president. Cipher Systems Ltd., founded in 1978 and now one of Canada's leading software solutions and services providers, helps organizations leverage software technology to competitive advantage. With a main office in Calgary, Alberta, and branches across Canada, the company offers clients an integrated group of services and tools that includes project management, IT auditing, risk management, business analysis, and data conversion, among others. Cipher is also recognized as a leader in providing ERP (Enterprise Resource Planning) An integrated information system that serves all departments within an enterprise. Evolving out of the manufacturing industry, ERP implies the use of packaged software rather than proprietary software written by or for one customer. , CRM (Customer Relationship Management) An integrated information system that is used to plan, schedule and control the presales and postsales activities in an organization. , and e-business solutions. Last year, Deloitte and Touche selected Cipher Systems as one of the 50 fastest-growing technology companies in Canada. Also in 1999, company president Jennifer McNeill was recognized by Chatelaine Magazine as one of the top 100 Female Entrepreneurs in Canada. In early 2000, Alberta Venture magazine and Grant Thornton Chartered Accountants named Cipher Systems the fastest-growing company in the province of Alberta. Profit magazine recognized Cipher Systems as one of the top 100 fastest-growing companies in Canada, and Mediacorp Canada Inc. selected the company as one of Canada's top 100 employers Canada's Top 100 Employers is an annual competition that recognizes the best places in Canada to work. First held in 1999, the project aims to single out the employers that lead their industries in offering exceptional working conditions and progressive human resources policies. . About Cedar Group US Cedar Group US, Inc., is a member of Cedar Group Plc (LSE LSE - Language Sensitive Editor : CED (Capacitance Electronic Disc) An earlier videodisc technology from RCA that was released in 1981 and abandoned five years later. Like phonograph records, the analog disc contained grooves that a stylus rode over. .L - News), the publicly traded provider of Oracle-based enterprise business solutions. Founded in 1983, Cedar Group is fully quoted on the London Stock Exchange London Stock Exchange London marketplace for securities. It was formed in 1773 by a group of stockbrokers who had been doing business informally in local coffeehouses. (CED.L) and included in the FTSE FTSE A company that specializes in index calculation. Although not part of a stock exchange, co-owners include the London Stock Exchange and the Financial Times. Notes: The FTSE is similar to Standard & Poor's in the United States. 250 stock market index. Specializing in powerful, scaleable applications that can be implemented quickly and cost-effectively, Cedar Group offers Cedar eFinancials (financial management and reporting), Cedar eTime (time management and accounting), Cedar eDRIVE (fleet management), Cedar eFlow (workflow and document imaging), Cedar eContent (data warehouse management; and Cedar eCustomer (customer resource management). Cedar Group products to run their businesses, including Daimler-Chrysler, Siemens, Levi Strauss of Canada, CAIS CAIS - Common APSE Interface Specification Internet, Dennis Publishing, and CFS Americas. Cedar Group's corporate headquarters are located north of Boston North of Boston is a 1914 poetry collection by Robert Frost. It includes two of his most famous poems, 'Mending Wall' and 'After Apple-picking'. Most of the poems resemble short dramas or dialogues. at 57 Wingate Street, Haverhill, MA 01832, and the company maintains sales offices throughout North America. For more information, contact Cedar Group at (978) 372-0770 or solutions@cedargroupus.com, or visit the Cedar Group web site at http://www.cedargroupus.com. All names, trademarks and logos mentioned herein are the property of their respective owners. |
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