TORONTO, Oct. 25, 2019 /CNW/ - Pivot Technology Solutions, Inc. (TSX: PTG), ("Pivot", or the "Company"), a full-service information technology provider, today announced it has closed the previously announced sale of Smart Edge to Intel Corporation (NASDAQ: INTC), for gross consideration of $27 million USD.
"I would like to take this opportunity to thank the dedicated Smart Edge software business employees that developed an industry-leading innovation and wish them much success as they join Intel's Network and Custom Logic Group," said Mr. Kevin Shank, Pivot CEO. "We at Pivot are very excited to be an Intel preferred channel partner for Smart Edge based solutions and we look forward to leveraging our core strengths as a technology integrator and service provider to help drive its adoption."
"We believe the sale of the Smart Edge software business and entering into the Preferred Partner framework with Intel creates considerable value for Pivot shareholders. The Preferred Partnership Agreement puts Pivot in an excellent position to resell the solution and provide the services required to deploy, support and install edge technologies. This strategic relationship aligns us with one of the leading technology companies in the world and supports our goal of becoming the number one edge services provider in North America. In addition, the net proceeds from the sale and the reduced software development costs benefits Pivot's financial flexibility, reducing operating costs," added Mr. Shank.
ABOUT PIVOT TECHNOLOGY SOLUTIONS
Pivot is an industry-leading information technology services and solutions provider to many of the world's most successful companies, including members of the Fortune 1000, as well as governments and educational institutions. By leveraging its extensive OEM partnerships and its own fulfillment, professional, deployment, workforce and managed services, Pivot supports the IT infrastructure needs of its clients. For more information, visit www.pivotts.com.
FORWARD LOOKING STATEMENTS
This news release contains statements that, to the extent they are not recitations of historical fact, may constitute "forward-looking statements" within the meaning of applicable Canadian securities laws. Pivot uses words such as "may", "would", "could", "will", "likely", "expect", "believe", "intend", "anticipate" and similar expressions to identify forward-looking statements. Any such forward-looking statements are based on assumptions and analyses made by Pivot in light of its experience, as well as other factors Pivot believes are appropriate under the relevant circumstances. However, whether actual results and developments will conform to Pivot's expectations and predictions is subject to any number of risks, assumptions and uncertainties. Many factors could cause Pivot's actual results to differ materially from those expressed or implied by the forward-looking statements contained in this news release. These factors include, without limitation: the risks described in the Company's Annual Information Form for the year ended December 31, 2018 under the heading "Risk Factors" available at sedar.com. The "forward-looking statements" contained herein speak only as of the date of this news release and, unless required by applicable law, the Company undertakes no obligation to publicly update or revise such information, whether as a result of new information, future events or otherwise.
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SOURCE Pivot Technology Solutions, Inc