Annual EBITDA contribution from Softgate
Acquisition to exceed $6M USD
VANCOUVER, Oct. 18, 2016 /CNW/ - TIO Networks Corp.,
(TSX-V: TNC) ("TIO"), North
America's largest walk-in bill payment processor, announced
today that it has successfully completed the first phase of its
integration of recently acquired Softgate Systems ahead of schedule
and it expects total cost synergies from the integration to exceed
$6M in EBITDA.
"The integration of Softgate into the TIO family as it relates
to cost synergies is ahead of plan," said Hamed Shahbazi, CEO of TIO Networks. "The
acquisition of Softgate's fully licensed footprint has augmented
TIO's business across all 50 states and propelled the Company to
its strongest financial position to date."
With the first stage of the integration complete, Rick Auletta, the former CEO of Softgate
Systems, is leaving the Company. We would like to sincerely
thank Rick for his excellent work in supporting the successful
transition and wish him well in his future endeavors."
In conjunction with the integration of Softgate, TIO has
established a new corporate structure that consists of three
distinct business units: Biller and Agent Solutions, Telecom
Solutions and Consumer Financial Solutions. Under the new structure
each business unit will focus on specific aspects of TIO's
corporate offerings:
- Biller and Agent Solutions houses TIO's multichannel
bill payment processing business including its multi-purpose
walk-in bill payment business under which Global Express and
Softgate Systems will operate.
- TIO Telecom Solutions will focus on servicing the
specific bill payments and other needs of wireless, cable and other
telecom network operators and their authorized retail based
dealers.
- Consumer Financial Solutions will focus on TIO's B2C
element, which includes its direct-to-consumer mobile-optimized
web-based bill payments experience, TIO.com.
All business units are supported by TIO's shared services teams
which include Finance, Operations, Product, Engineering, IT
Infrastructure, M&A and Compliance. This new structure
provides TIO's leadership team with the strategic focus it requires
to serve its customer stakeholders in the most optimal manner.
About TIO Networks
TIO Networks is a cloud-based multi-channel bill payment
processing and receivables management provider, serving the largest
telecom, wireless, cable, and utility bill issuers in North America. TIO integrates with the back
office of billing systems to accept, validate, and collect payments
outside of the traditional bank channel, via self-service kiosk,
retail walk-in, mobile, and web solutions. With over 69,000
endpoints in its processing network, TIO symbolizes fast,
convenient, and secure access to expedited bill payment
services.
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The TSX Venture Exchange has not reviewed this news release and
does not accept responsibility for its adequacy and accuracy.
This news release contains forward-looking statements that
involve risks and uncertainties, which may cause actual results to
differ materially from the statements made. Potentially, many
factors could cause actual results to vary materially from
those described herein as intended, planned, anticipated or
expected. TIO Networks Corp. does not intend and does not
assume any obligation to update these forward-looking
statements.
SOURCE TIO Networks Corp.