NEWS NEWS NEWS: Crednology Holding Corp. Acquires IT CompanyPress Release | 05/30/2018
Crednology Holding Corp. Acquires IT Company
The Company announces the closing of the acquisition on May 25th, 2018
Northridge, CAMay 29,2018, Crednology Holding, Corp. (OTC Pink: COHO; "Crednology"), is pleased to announce the acquisition of IT Company
Crednology announces the acquisition of all the assets and goodwill of Evolve Partners Inc. The closing took place on Friday May 25th, 2018 with an effective day of June 1st Both companies staff and management are fully engaged now in completing all knowledge transfer and integrating operations.
Orie Rechtman, CEO of Crednology Holding Corp. commented, We have been working on this transaction for a long time and I am pleased with the timing and the stable state of the company we acquired. We are very familiar with Evolve Partners, their staff and their clients since for a long time we provided Evolve the hosting services as white label package. Integration process is going smoothly and both management teams and engineers are fully engaged in this transition. We expect Evolve to contribute to revenues and EBITDA nicely and provide us many opportunities to grow their client base and increase revenue from existing clients by offering many additional services Rechtman added.
Financing this transaction was made available by direct loan to the company from Mr. Rechtman its CEO. Detail of the financing will become available in the near future with the expiration of the NDA the companies signed.
Crednology Holding Corp, a Delaware corporation, is a public holding company that has been dedicated to enhancing shareholder value through a strategic combination of organic growth, mergers and accretive acquisitions. The Company is engaged in the cloud computing segment of the technology sector as well as the E-Waste and recycling business. The main products and services include cloud computing and virtual environment, disaster recovery and business continuity and managed services to corporate accounts as well as the recycling and disposal of E-Waste and other materials.
California Recycles Inc. is a state certified E-Waste organization founded in 2003. The company primarily operates by entering into long term agreements of collection programs and events with corporate entities, Educational institutions and State and Local municipalities. The state of California is leading the US in the collection of Electronic Waste efforts and each local municipality has a mandate to achieve required quotas of annual collection. The company built a good reputation in the field among it type of clientele.
The market for cloud computing is growing at a staggering pace. In 2015 the industry experienced a rapid growth of 33% with the segment of business reaching over $16 billion by the year end. This market trend is expected to continue with growth of approximately 30% expected annually for the next few years. E-Waste is growing at a significant pace with double digit increases anticipated annually over the next few years.
4Service Cloud Tech AG is a Swiss company that is listed on the Marche Libre/Euronext Paris Exchange
