Prodigy Ventures buys tech consultancy ZoftNow
Toronto-based technology consultancy Prodigy Ventures (TSXV: PGV) has acquired ZoftNow Inc., a Mississauga-based boutique technology consultancy.
ZoftNow was launched last year, and offers expertise and capabilities in technology products and project lifecycles. The firm has offerings in digital transformation, data science, project rescue and delivery (SAP, WorkDay, Salesforce), interim CIO, and resource and team augmentation.
ZoftNow’s team boasts a successful track record with the Big Four, Microsoft, IBM, and a range of clients in Fortune 500 and mid-market firms.
Prodigy’s acquisition of ZoftNow strengthens the firm’s leadership team, deepens its service delivery capabilities, expands its offerings, and diversifies it client base. The move is part of the company’s strategy to grow by organic and inorganic means while maintaining strong operational performance.
Prodigy will make a cash payment of $450,000 and issue to the vendors an aggregate of 1,072,500 common shares in the capital of Prodigy. The company will also issue an additional 1,072,500 common shares on the second anniversary of the closing date if the vendors are still employed at the company.
The transaction is expected to close on February 14, 2020. Upon closure key management from ZoftNow, including Mario Perez and Sanjiv Purba, will join Prodigy.
Perez has over 20 years of experience selling, delivering, and managing technology solutions. Perez has previously been a principal at PwC, a services executive at Microsoft Canada, and account portfolio director for financial services at Avanade Canada. He has advised clients across a wide range of sectors, including energy, healthcare, technology, and financial services.
Purba has over 25 years of experience in professional services, and was previously a senior manager at Deloitte, a practice director of eSolutions at Microsoft, and a partner in IT advisory at KPMG. He has led numerous large and complex business and digital transformations, and has authored more than 18 books on industry topics.
“This internally funded acquisition adds capabilities in many dimensions. Key amongst these are the ability to scale project delivery, expand our client base, and diversify risk. Adding these seasoned talented executives to the Prodigy team sets the stage for our next phase of growth,” said Jeff Watts, Prodigy's CEO.
Prodigy was founded in 2015 in Toronto and develops software and services with emerging technology for digital transformation, identity, and payments. The company’s Venture Builder Division creates platforms and apps, while Prodigy Labs customizes the technology platforms for unique enterprise requirements. The firm has been named a Deloitte Fast 50 Canada and Fast 500 North America company (2016-2018) and a Growth 500 company (2018-2019).
