CIT Global acquires the business of DSS Software Technologies
Strategic Acquisition enhances DSS business performance and delivery capabilities
Toronto, California. 6 April, 2005. CIT Global Inc, an international provider of high quality, innovative eCommerce / mCommerce solutions and services announced its acquisition of the assets of DSS Software Technologies, a provider of diversified information technology consulting services. DSS was Founded in 1996, and since January, 2003 has been operating as a subsidiary of Diversinet Corp (OTCBB: DVNTF), a leading provider of mobile device security for the mobile data ecosystem.
Under this asset sale agreement, CIT Global acquired all the assets, customers and staff of DSS, in addition to majority of the liabilities. The business will continue the operations as CIT Global Inc., capitalizing on DSS' strong synergy with CIT business and capabilities.
"We are pleased with the opportunity to expand our market development with the acquisition of DSS operations and business", said Ashraf Zaki, President & CEO of CIT Global. "Combining DSS' quality services and market presence with CIT's niche eCommerce technology solutions and global delivery capabilities will provide a significantly enhanced value proposition to current and future clients of both organizations. We welcome DSS' talented professionals to the CIT global team."
DSS team provides consultants with extensive technical and industry expertise in most legacy systems, networking, communications, enterprise applications, data warehousing, and application integration and business intelligence areas.
DSS Expert Technology Services engages with its clients bringing their deep knowledge and expertise in the industry to plan and manage the delivery efficiently. These services rapidly and cost-effectively implementing the required applications and solutions, allows customers to focus on their main core competencies. Professional consultants have helped DSS clients with both initial implementations of next generation applications and with enhancing the applications to improve business performance.
"This acquisition is a win-win for both. While it gives CIT a US presence, it makes us financially stronger and more competitive. Similar cultures and common vision of the two companies allowed us to leverage the best from each entity as we mapped out a detailed strategy to achieve a leadership position." Said Sandy Rekhi, General Manager of DSS.
Drawing on the strong management team and offshore back office presence, CIT Global will be able to scale its current customer relationships, making them richer by meeting its customers' long-term and growing needs besides accelerating new customer acquisitions. CIT Global, Inc. will be relentlessly focused on the performance driven culture and efficiencies they can achieve through this acquisition.
As a well-established company, CIT provides market tested product technology, bringing together best of breed eBusiness transactional, payment, and security technologies to meet customer requirements. CIT's successful years of experience as a niche supplier of focused solutions and services in the arena of ePayment and eFraud Management, with full value chain delivery model, its powerful business value and technology extended resources will support DSS to leverage its services' levels and value proposition. The merge between CIT and DSS will result in providing a very synergetic level of services to its clients in the US market. CIT will encompass all aspects of services for mobile device users in the region and maintain a strong client relationship capitalizing on DSS customer base. CIT performs professional services to support and integrate its solutions with other DSS's technical services and staff augmentation to bring a strong presence in Silicon Valley.
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