ISC Completes the Acquisition of the Assets of Paragon
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.