Welcome!

Containers Expo Blog Authors: Liz McMillan, Miska Kaipiainen, Pat Romanski, Automic Blog, Gregor Petri

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
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management solutions, helping companies worldwide activate their data to drive more value and business insight and to transform moder...
The Transparent Cloud-computing Consortium (abbreviation: T-Cloud Consortium) will conduct research activities into changes in the computing model as a result of collaboration between "device" and "cloud" and the creation of new value and markets through organic data processing High speed and high quality networks, and dramatic improvements in computer processing capabilities, have greatly changed the nature of applications and made the storing and processing of data on the network commonplace.
SYS-CON Events announced today that Bsquare has been named “Silver Sponsor” of SYS-CON's @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. For more than two decades, Bsquare has helped its customers extract business value from a broad array of physical assets by making them intelligent, connecting them, and using the data they generate to optimize business processes.
I'm a lonely sensor. I spend all day telling the world how I'm feeling, but none of the other sensors seem to care. I want to be connected. I want to build relationships with other sensors to be more useful for my human. I want my human to understand that when my friends next door are too hot for a while, I'll soon be flaming. And when all my friends go outside without me, I may be left behind. Don't just log my data; use the relationship graph. In his session at @ThingsExpo, Ryan Boyd, Engi...
SYS-CON Events announced today that Pulzze Systems will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Pulzze Systems, Inc. provides infrastructure products for the Internet of Things to enable any connected device and system to carry out matched operations without programming. For more information, visit http://www.pulzzesystems.com.
Fact is, enterprises have significant legacy voice infrastructure that’s costly to replace with pure IP solutions. How can we bring this analog infrastructure into our shiny new cloud applications? There are proven methods to bind both legacy voice applications and traditional PSTN audio into cloud-based applications and services at a carrier scale. Some of the most successful implementations leverage WebRTC, WebSockets, SIP and other open source technologies. In his session at @ThingsExpo, Da...
Almost two-thirds of companies either have or soon will have IoT as the backbone of their business in 2016. However, IoT is far more complex than most firms expected. How can you not get trapped in the pitfalls? In his session at @ThingsExpo, Tony Shan, a renowned visionary and thought leader, will introduce a holistic method of IoTification, which is the process of IoTifying the existing technology and business models to adopt and leverage IoT. He will drill down to the components in this fra...
The vision of a connected smart home is becoming reality with the application of integrated wireless technologies in devices and appliances. The use of standardized and TCP/IP networked wireless technologies in line-powered and battery operated sensors and controls has led to the adoption of radios in the 2.4GHz band, including Wi-Fi, BT/BLE and 802.15.4 applied ZigBee and Thread. This is driving the need for robust wireless coexistence for multiple radios to ensure throughput performance and th...
Enterprise IT has been in the era of Hybrid Cloud for some time now. But it seems most conversations about Hybrid are focused on integrating AWS, Microsoft Azure, or Google ECM into existing on-premises systems. Where is all the Private Cloud? What do technology providers need to do to make their offerings more compelling? How should enterprise IT executives and buyers define their focus, needs, and roadmap, and communicate that clearly to the providers?
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
There is little doubt that Big Data solutions will have an increasing role in the Enterprise IT mainstream over time. Big Data at Cloud Expo - to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA - has announced its Call for Papers is open. Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is...
DevOps at Cloud Expo, taking place Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long dev...
Digital innovation is the next big wave of business transformation based on digital technologies of which IoT and Big Data are key components, For example: Business boundary innovation is a challenge to excavate third-party business value using IoT and BigData, like Nest Business structure innovation may propose re-building business structure from scratch, as Uber does in the taxicab industry The social model innovation is also a big challenge to the new social architecture with the design fr...
Data is an unusual currency; it is not restricted by the same transactional limitations as money or people. In fact, the more that you leverage your data across multiple business use cases, the more valuable it becomes to the organization. And the same can be said about the organization’s analytics. In his session at 19th Cloud Expo, Bill Schmarzo, CTO for the Big Data Practice at EMC, will introduce a methodology for capturing, enriching and sharing data (and analytics) across the organizati...
IoT is fundamentally transforming the auto industry, turning the vehicle into a hub for connected services, including safety, infotainment and usage-based insurance. Auto manufacturers – and businesses across all verticals – have built an entire ecosystem around the Connected Car, creating new customer touch points and revenue streams. In his session at @ThingsExpo, Macario Namie, Head of IoT Strategy at Cisco Jasper, will share real-world examples of how IoT transforms the car from a static p...
The many IoT deployments around the world are busy integrating smart devices and sensors into their enterprise IT infrastructures. Yet all of this technology – and there are an amazing number of choices – is of no use without the software to gather, communicate, and analyze the new data flows. Without software, there is no IT. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists will look at the protocols that communicate data and the emerging data analy...
SYS-CON Events announced today that China Unicom will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. China United Network Communications Group Co. Ltd ("China Unicom") was officially established in 2009 on the basis of the merger of former China Netcom and former China Unicom. China Unicom mainly operates a full range of telecommunications services including mobile broadband (GSM, WCDMA, LTE F...
Video experiences should be unique and exciting! But that doesn’t mean you need to patch all the pieces yourself. Users demand rich and engaging experiences and new ways to connect with you. But creating robust video applications at scale can be complicated, time-consuming and expensive. In his session at @ThingsExpo, Zohar Babin, Vice President of Platform, Ecosystem and Community at Kaltura, will discuss how VPaaS enables you to move fast, creating scalable video experiences that reach your...
Big Data has been changing the world. IoT fuels the further transformation recently. How are Big Data and IoT related? In his session at @BigDataExpo, Tony Shan, a renowned visionary and thought leader, will explore the interplay of Big Data and IoT. He will anatomize Big Data and IoT separately in terms of what, which, why, where, when, who, how and how much. He will then analyze the relationship between IoT and Big Data, specifically the drilldown of how the 4Vs of Big Data (Volume, Variety,...
If you’re responsible for an application that depends on the data or functionality of various IoT endpoints – either sensors or devices – your brand reputation depends on the security, reliability, and compliance of its many integrated parts. If your application fails to deliver the expected business results, your customers and partners won't care if that failure stems from the code you developed or from a component that you integrated. What can you do to ensure that the endpoints work as expect...