Talent Management Software Vendor Cytiva
to Acquire One45 Software Inc.
Leading mid-market recruiting software provider bolsters its talent management offerings by acquiring leading provider of medical education and evaluation software
Emeryville, CA – November 22, 2007– Cytiva Software Inc. (CRX:TSX.V), a leading provider of on-demand recruiting software solutions, has announced its intent to purchase One45 Software Inc, developers of medical school education administration and performance management software.
Closing is subject to various conditions including a due diligence review and regulatory approval.
Based in Vancouver B.C., One45 is a leading provider of software for managing curriculum and evaluating performance for undergraduate and post graduate medical education programs. In addition, One45 provides software for managing corporate employee performance and 360 degree evaluations.
Cytiva plans to leverage One45's software into a broader corporate performance management market, while applying its proven sales and marketing resources to expand One45's medical school curriculum management and evaluation suite into a largely untapped U.S. market that includes not only medical schools, but nursing and other similar verticals.
Cytiva also sees One45's performance management product as the basis for a healthcare-specific talent management suite to include recruiting, performance management and workforce deployment, among other modules.
"One45 has achieved tremendous success penetrating Canadian and U.S. medical schools with a great product, but little to no sales or marketing, said Jason Moreau , CEO of Cytiva Software Inc. By leveraging Cytiva's sales and marketing in the U.S., and broadening the scope of the solution to related verticals and corporate employee performance management markets, we are confident One45 will accelerate our already impressive growth.
One45 principles Ric Arseneau, Derek Hemmes, John Simms, Brian Clare and all of One45's additional 10 employees will join Cytiva and continue to develop products and serve One45 clients.
The fit between One45 and Cytiva is obvious and we are excited about broadening the scope and geography of our current medical education markets, said Derek Hemmes, President and Co-Founder of One45 Software. We've seen Cytiva's success with their SonicRecruit talent acquisition system and look forward to joining in this aggressive strategy to broaden their talent management suite leveraging One45 products.
According to The Yankee Group, an industry research firm, the worldwide market for talent management solutions which includes employee learning and performance, career and succession planning, recruitment and compensation management is expected to grow from $2.3 billion in 2006, to more than $4 billion by 2009.
About One45 Software Inc.
Founded in 2001 by Doctor Ric Arseneau, Derek Hemmes, and John Simms, One45 provides medical education administration software for most of the medical schools in Canada and many in the U.S., including University of Alberta, University of British Columbia, University of Western Ontario, Stanford University, University of Texas, Temple University and more. Their GME, UME and faculty suite is praised by clients as intuitive, flexible and backed by outstanding service. Their 360 degree employee tool is used by Mack Trucks and Radical Entertainment/Vivendi.
About Cytiva Software Inc.
Cytiva Software Inc. (CRX:TSX.V) provides innovative on-demand talent management software and services to mid-sized and Fortune 500 companies. Its flagship talent acquisition product, SonicRecruit, allows corporations to screen applicants, automate recruiting departments, customize corporate career sites and hire great people. This premier applicant tracking system improves recruiting effectiveness, speeding up the hiring process and reducing cost per hire. For more information, visit http://www.sonicrecruit.com.
CONTACT:
Ian Alexander
mediarelations@sonicrecruit.com 510-984-1986
The TSX has not reviewed and does not accept responsibility for the accuracy or adequacy of this news release, which has been prepared by management.
Forward-looking Statements: This news release contains forward-looking statements related to the future financial condition and results of operations of Cytiva and One45, which Cytiva is proposing to acquire. These statements are based on current expectations and estimates about the human resources markets in which both Cytiva and One45 operate and management's beliefs and assumptions regarding these markets. These statements are subject to important risks and uncertainties which are difficult to predict and assumptions which may prove to be inaccurate. Some of the factors which could cause results or events to differ materially from current expectations include but are not limited to: general economic conditions, market or business conditions; changing competitive environment; changing regulatory conditions or requirements; changing technology; and success in implementing productivity initiatives. In addition, the acquisition of One45 by Cytiva is subject to various conditions, including a due diligence review, the entering into of a formal share purchase agreement and regulatory approval. Some of these factors are largely beyond the control of Cytiva. Should any factor impact Cytiva in an unexpected manner, or should assumptions underlying the forward-looking statements prove incorrect, the actual results or events may differ materially from the results or events predicted. All of the forward-looking statements made in this document are qualified by these cautionary statements, and there can be no assurance that the results or developments anticipated by Cytiva will be realized or, even if substantially realized, that they will have the expected consequences for Cytiva. Readers should not place undue reliance on any forward-looking statements. Further, Cytiva disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or any other occurrence.
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