Caneum, Inc. Announces Signing of Definitive Agreement to Acquire TierOne Consulting, Inc., an Information Technology Services and Solutions Company
31 March 2006
Caneum, Inc. (OTC BB: CANM) todayannounced the signing of a Definitive Agreement to acquire TierOneConsulting, Inc., a boutique information technology services and solutionsprovider located in Aliso Viejo, California. Terms of the acquisition arenot yet being disclosed, but will be filed in the Company's forthcoming 8-Kupon closing, which is expected to occur in the next few days.
Alan Knitowski, Chairman of Caneum, stated, "We are extremely pleased withthe signing of the definitive agreement to acquire TierOne. Caneumbelieves that there is a tremendous market opportunity for a bundledinformation technology and human resources business process outsourcing(BPO) offering and we view this acquisition as a fundamental addition toour existing BPO line of business. Post transaction, we expect to offerbranded IT and HR BPO services under the TierOne brand and for TierOne'sfounders, Michael Willner and Robert Morris, to jointly serve as SeniorVice Presidents of Caneum and Managing Partners of TierOne, Inc., a whollyowned subsidiary of Caneum. This acquisition will be immediately accretiveupon closing and will provide an exceptional platform for the future growthof the combined enterprise."
TierOne Consulting, Inc. was founded in 2003 and on an unaudited basis hasgrown profitably each year from $0.99M in revenues in 2003 to $3.77M inrevenues in 2004 to $5.44M in revenues in 2005. TierOne's customer rostercurrently spans over 40 companies, including commercial and governmentcustomers such as McGraw Hill, 24 Hour Fitness, L3 Communications,PacifiCare, Charles Schwab, Writers Guild of America, Parenting Magazine,Pitney Bowes, Keane, Good Samaritan Hospital, Tatum Partners, LoweEnterprises, Mercury Insurance Group, Downey Savings & Loan, UNISYS, USTechnology, US Trust, City of Hope and the Los Angeles Unified SchoolDistrict amongst others. Representative vertical industries associatedwith TierOne's customer roster include automotive, banking, communications,consumer goods, energy, financial services, insurance, government, mediaand entertainment, medical, technology and utilities.
TierOne is currently run by founders Michael Willner, President, and RobertMorris, Vice President and CFO. Mr. Willner has over 26 years of executivemanagement experience in the computer service industry and was one of theearly pioneers in the use of off-shore resources for technology companies.He has delivered IT services to the government and commercial marketplacefor the past two decades, having originally started as a Program Manger forthe Department of Energy with Vanguard Technologies. Later, afterCincinnati Bell Information Systems acquired Vanguard, Mr. Willner wasnamed Western Regional Vice President for a $100M line of business,including responsibility for 12 Western States and approximately 250people. In 1991, Mr. Willner joined CISD International, which at the timewas a fledgling startup owned by the Itochu Corporation. As Senior VicePresident, he created a highly profitable and respected staffing firm andhelped CISD achieve its status as the premiere staffing firm to US systemsintegrators. In 1999, Mr. Willner founded an Ernst & Young subsidiarycalled Net-Strike Worldwide and as President grew its revenues from $0 to$140M annually, with an average of 550 contractors deployed each month,before leaving to found TierOne. Mr. Willner holds a BA in PoliticalScience from Florida International University and a JD from the AntiochSchool of Law.
Mr. Morris, on the other hand, brings over 13 years of sales, salesmanagement, marketing and operations experience to Caneum post-closing. Hepossesses a diverse background in technical infrastructure, software,hardware and professional and technical services within bothentrepreneurial and multinational environments. Prior to founding TierOnewith Mr. Willner, Mr. Morris was Vice President of Operations forNet-Strike Worldwide, where he was responsible for client fulfillment,long-range design and implementation of technology platforms, businessmeasurement systems and analysis systems, including overall technologystrategy. Before Net-Strike, he served as Director of Product Strategy forPeopleMover, a venture-backed developer of Enterprise Workforce Managementsoftware for staffing, consulting and professional services companies. Mr.Morris holds BS in Management from the United State Air Force Academy, anMBA from Loyola Marymount University (with a focus on managementinformation systems development and international business strategy) andserved 5 years as a Spacecraft Integration Officer for the United StatesAir Force Space and Missile Center.
Michael Willner, President of TierOne, commented on the acquisition bystating, "We are very excited to be joining Caneum and in playing a keyrole in continuing its operational growth rolling forward. The twocompanies have been working closely together for the past 18 months andbelieve that this acquisition will provide a core business platform ofmanagement talent and operational capability to facilitate future growthrates consistent with that we've been able to achieve both individually andcollectively. We expect strong organic growth in future periods andbelieve that our combined outsourcing product and service offering will becompelling to both new and existing customers alike. In this case, postclosing, we expect 2 plus 2 to equal 5 operationally."
About TierOne Consulting, Inc.:
Founded in 2003, TierOne Consulting, Inc. is a boutique informationtechnology services and solutions company, providing strategy consulting,systems design, development and integration, product implementation, customsoftware development and outsourcing support to customers around theglobe. The company provides the right resource for outsourcing projects,including all of the skills and talents typically found in major consultingfirms, without the overhead of high-priced partners or under-trained teammembers. For more information, please visit the company's web site athttp://www.tieroneconsulting.net/.
About Caneum, Inc.:
Caneum, Inc. is a global provider of business process and informationtechnology outsourcing products and services across vertical industriesincluding technology, energy, government, transportation, financialservices, education and healthcare. The company provides a suite ofbusiness strategy and planning capabilities to assist companies with their"make versus buy" decisions in the areas of data, network, productdevelopment, product maintenance and customer support, and fulfills itsservices in-house, on-shore, near-shore and off-shore depending on thebusiness goals and objectives of its global customers. In parallel, Caneumis opportunistically pursuing accretive acquisitions within its coreoutsourcing product and service suite in order to broaden its corecapabilities, expand its customer base and supplement its organic growth.For more information, please visit the company's web site athttp://www.caneum.com.
"Safe Harbor" Statement under the Private Securities Litigation Reform Actof 1995: With the exception of historical information, the statements setforth above include forward-looking statements that involve risk anduncertainties. The company wishes to caution readers that a number ofimportant factors could cause actual results to differ materially fromthose in the forward-looking statements. Those factors include but are notlimited to the risk factors noted in the company's filings with theSecurities & Exchange Commission, such as the rapidly changing nature oftechnology, evolving industry standards and frequent introductions of newproducts and enhancements by competitors; the competitive nature of themarkets for Caneum's services; Caneum's ability to gain market acceptancefor its services and products; the company's ability to fund itsoperations; the company's ability to attract and retain skilled personnel;the company's reliance on third-party suppliers.
Contact:Caneum, Inc.Gary Allhusen949-273-4007Email Contact
or
The Liquid Group, Inc.Jason Daggett(Investors / Media)714-264-7975Email Contact
SOURCE: Caneum, Inc.
Source: marketwire
All trademarks and copyrighted information contained herein are the property of their respective owners.
Related Articles
|
