Welcome!

Government Cloud Authors: XebiaLabs Blog, Elizabeth White, Liz McMillan, Dr. Gopala Krishna Behara, Raju Myadam

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 App2Cloud 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. App2Cloud is an online Platform, specializing in migrating legacy applications to any Cloud Providers (AWS, Azure, Google Cloud).
When shopping for a new data processing platform for IoT solutions, many development teams want to be able to test-drive options before making a choice. Yet when evaluating an IoT solution, it’s simply not feasible to do so at scale with physical devices. Building a sensor simulator is the next best choice; however, generating a realistic simulation at very high TPS with ease of configurability is a formidable challenge. When dealing with multiple application or transport protocols, you would be...
Internet-of-Things discussions can end up either going down the consumer gadget rabbit hole or focused on the sort of data logging that industrial manufacturers have been doing forever. However, in fact, companies today are already using IoT data both to optimize their operational technology and to improve the experience of customer interactions in novel ways. In his session at @ThingsExpo, Gordon Haff, Red Hat Technology Evangelist, shared examples from a wide range of industries – including en...
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...
To get the most out of their data, successful companies are not focusing on queries and data lakes, they are actively integrating analytics into their operations with a data-first application development approach. Real-time adjustments to improve revenues, reduce costs, or mitigate risk rely on applications that minimize latency on a variety of data sources. Jack Norris reviews best practices to show how companies develop, deploy, and dynamically update these applications and how this data-first...
Intelligent Automation is now one of the key business imperatives for CIOs and CISOs impacting all areas of business today. In his session at 21st Cloud Expo, Brian Boeggeman, VP Alliances & Partnerships at Ayehu, will talk about how business value is created and delivered through intelligent automation to today’s enterprises. The open ecosystem platform approach toward Intelligent Automation that Ayehu delivers to the market is core to enabling the creation of the self-driving enterprise.
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...
"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 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...
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...
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 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...
There is only one world-class Cloud event on earth, and that is Cloud Expo – which returns to Silicon Valley for the 21st Cloud Expo at the Santa Clara Convention Center, October 31 - November 2, 2017. Every Global 2000 enterprise in the world is now integrating cloud computing in some form into its IT development and operations. Midsize and small businesses are also migrating to the cloud in increasing numbers. Companies are each developing their unique mix of cloud technologies and service...
WebRTC is great technology to build your own communication tools. It will be even more exciting experience it with advanced devices, such as a 360 Camera, 360 microphone, and a depth sensor camera. In his session at @ThingsExpo, Masashi Ganeko, a manager at INFOCOM Corporation, will introduce two experimental projects from his team and what they learned from them. "Shotoku Tamago" uses the robot audition software HARK to track speakers in 360 video of a remote party. "Virtual Teleport" uses a...
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...