Corum Group, the leading M&A advisory firm for software and related technology companies, today announces that its client, Powervision Software, has been acquired by Cortex Business Solutions. Powervision is a privately-owned corporation specializing in the development of electronic document management and workflow management software.
“Corum Group did a great job throughout the entire transaction process,” said Powervision President and CEO Jean-Paul de Poyen “We could not have gotten it across the finish line without them.”
Powervision has been a pioneer and a leader in the provision of such solutions in the Canadian energy industry since its inception in 1992, and today its client base crosses multiple verticals of business from finance to oil and gas. Powervision’s acclaimed AP Workflow product is used daily by hundreds of users.
Cortex Business Solutions is a provider of network-as-a-service e-invoicing solutions to over 11,000 customers in the oil & gas, mining, manufacturing and sports & entertainment industries. The deal will add Powervision’s solutions to Cortex's e-invoicing-as-a-service technology.
“Cortex and Powervision are a strong team,” said David Levine, Corum Group Senior Vice President, who led the deal. “They have been partners for years, with many mutual customers, and the combination into a single company puts both the company and their customers into a very strong position going forward.”
“We are thrilled to combine the highly synergetic Cortex e-invoicing-as-a-service with the expanded workflow and document management solutions offering of Powervision allowing Cortex to be more competitive,” said Jason Baird, VP, Finance & CFO of Cortex.
The Corum team was an incredible asset to us during the M&A negotiation process. We knew about key issues ahead of time before they surfaced, allowing us to prepare in advance as needed. Plus, they provided a key division of labor for us and kept our focus where it needed to be - on continuing to run our business successfully.
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