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Press Releases
version française
Fondaction CSN participates in purchase of Speedware from a US corporation - An investment of 3.9 million dollars
Montreal, Quebec (June 8, 2010) -- Fondaction, le Fonds de développement de la CSN pour la cooperation et l’emploi ("Fondaction") is investing 3.9 million dollars in Speedware, a Quebec developer of IT modernization solutions for large enterprises. This investment completes the financing that allows Speedware management to re-purchase all assets from the US corporation that acquired Speedware in 2005. Speedware employees will also participate in the financing effort through a Worker Shareholder Cooperative (WSC), which is currently being created with technical assistance from MCE Conseils and financing from la Caisse d’économie solidaire Desjardins.
"Speedware is a successful IT company. Fondaction is proud to help bring it back to Quebec." said Régent Watier, head of investment at Fondaction.
Founded in Quebec over thirty years ago, Speedware has unique expertise offering legacy migration solutions to large enterprises whose IT operations need to move from older platforms to modern systems that are more flexible and efficient. Speedware has performed more than 100 projects, many of them for blue-chip corporations, and has a 100% project success rate. Speedware provides approximately 50 high-quality jobs in the Montreal region.
Created 15 years ago, Fondaction invests in venture capital to maintain and create high-quality, long-term jobs in Québec. Its net assets stand at $700 million and derive from the retirement savings of 100,000 shareholders. Fondaction is the financial partner of about a hundred small and medium sized businesses and partner and specialized funds. It favours companies with a participatory management style, companies in the social economy (employee-controlled, cooperatives, etc.) and those that practice environmental stewardship. (www.fondaction.com, www.REERvert.com)
For more information :
Suzanne La Ferrière, Head of Communications
Fondaction, 514-525-7041
Chris Koppe, Director, Marketing and Business Development
Speedware, 514-918-7797
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