NEWS $Crednology Holding Corp. Acquires IT Company
GlobeNewswire - Thu May 31, 5:35AM CDT
The Company Announces That the Acquisition Closed on May 25, 2018
Crednology Holding, Corp. (OTC Pink: COHO; "#Crednology"), is pleased to announce that it has closed the acquisition of the IT Company business.
-- #Crednology announces the acquisition of all the assets and goodwill of Evolve Partners, Inc.
-- The closing took place on Friday May 25, 2018 with an effective day of June 1, 2018.
-- Both companies' staff and management are fully engaged in completing all the transfer of the knowledge, passwords etc. 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 business we have acquired. We are very familiar with Evolve Partners, their staff and their clients since we provided Evolve the hosting services as a white label package for a very long time. The integration process is going smoothly and both management teams and engineers are fully engaged in this transition. "
Orie added, "We expect Evolve's business to contribute very positively to revenues and EBITDA and provide us many opportunities to grow this client base and increase revenue from the existing clients by offering many additional services that we offer all our customers."
Financing this transaction was made available by a direct loan to the company from Mr. Rechtman - its CEO. We will provide more details of the transaction and financing once the NDA agreement expires.
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.
