REGINA, Saskatchewan, Aug. 01, 2020 (GLOBE NEWSWIRE) -- Information Services Corporation (TSX:ISV) (“ISC” or the “Company”) announced today that on July 31, 2020 it completed the previously announced acquisition of substantially all of the assets used in the business of Paragon Inc. (“Paragon”) through its wholly-owned subsidiary, ESC Corporate Services Ltd. (“ESC”). The Paragon assets now form part of a new division of ESC named Recovery Solutions.
Jeff Stusek, President & CEO of ISC commented, “We are extremely pleased to have concluded the acquisition of the assets of Paragon. This transaction is in keeping with our growth strategy, positioning our Services business to remain competitive and continue to gain market share.”
Paragon is a technology-enabled company whose primary focus is the facilitation and coordination of asset recovery on behalf of many of Canada's regulated major banks. Asset recovery comprises the identification, retrieval and disposition of movable assets such as automobiles, boats, aircraft and other forms of portable physical assets used as collateral security for primarily consumer focused credit transactions. The addition of Paragon’s assets is expected to strengthen ESC’s current offering and means that ESC will be able to offer its clients a complete solution in the credit life cycle, from origination to recovery.
This acquisition is consistent with ISC’s long-term strategy of acquiring companies with competencies or operations in its industry space. The Company’s Services segment is positioned to support the growing needs of financial institutions and legal firms to outsource key business processes associated with credit due diligence, protection and default solutions while they focus on their core businesses.
Management will provide more details on the transaction on the Company’s second quarter 2020 earnings conference call, scheduled to be held on Thursday, August 6, 2020 at 12:00 pm Eastern Time. For more information about the conference call, please refer to the news release issued by the Company on Monday, July 20, 2020.
Headquartered in Canada, ISC is the leading provider of registry and information management services for public data and records. Throughout our history we have delivered value to our clients by providing solutions to manage, secure and administer information through our Registry and Services segments. ISC is focused on sustaining its core business while pursuing new growth opportunities. The Class A Shares of ISC trade on the Toronto Stock Exchange under the symbol ISV.
Cautionary Note Regarding Forward-Looking Information
This news release contains forward-looking information within the meaning of applicable Canadian securities legislation, including statements related to, integration and growth of the Paragon business and the Company’s Services segment being well-positioned and able to offer complete solutions. The words “expect” and “believe” or variations of or similar such words and phrases or statements that certain actions, events or results “may”, “could”, “will” or “would” occur, and similar expressions identify forward-looking statements. Forward-looking statements are based on a number of estimates and assumptions that, while considered reasonable by ISC as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. The estimates, models and assumptions of the Company referenced, contained or incorporated by reference in this news release, which may prove to be incorrect, include, but are not limited to, the Company’s ability to integrate the Paragon business on terms consistent with the Company’s expectations and the business of Paragon performing in a manner consistent with the Company’s expectations. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those expressed or implied by such forward-looking information. Important factors that could cause actual results to differ materially from the Company's plans or expectations include risks relating to changes in economic, market and business conditions, identification of viable growth opportunities, implementation of our growth strategy, integration, competition and other risks detailed from time to time in the filings made by the Company including those detailed in ISC’s Annual Information Form for the year ended December 31, 2019 and ISC’s Unaudited Consolidated Interim Financial Statements and Notes and Management’s Discussion and Analysis for the first quarter ended March 31, 2020, copies of which are filed on SEDAR at www.sedar.com.
There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The forward-looking information in this release is made as of the date hereof and, except as required under applicable securities legislation, ISC assumes no obligation to update or revise such information to reflect new events or circumstances.
Director, Investor Relations & Capital Markets
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