Post by IAMCAPER on Nov 14, 2005 11:02:48 GMT -4
Sydney-based CrossOff Inc. has added most of the assets of Corinthian Colleges corporate training division, CDI Education, to its portfolio.
The expanded company with $65 million in revenues now has 400 full-time employees in 40 offices and contract 700 teachers and trainers across the country.
The announcement of the formal acquisition was made Tuesday in Toronto.
CrossOff paid $19 million for CDI Education, which is subject to a working capital adjustment expected 90 days after closing.
CDI Education will be merged with CrossOff’s training division, Polar Bear Corporate Education Solutions. CrossOff offers corporate information technology and business skills training at 14 locations across Canada.
CrossOff is located in Silicon Island, a former IT development centre, now owned and mostly occupied by Enterprise Cape Breton Corp.
CrossOff board chairman, Sydney lawyer Robert Sampson, said the acquisition represents not only improvements to the bottom line, but reduced costs and increased business efficiencies for the company.
President and CEO Donnie Snow said CrossOff has just rented additional space in Silicon Island and advertised for two or three staff to add to the 26 now employed in Sydney.
“We now have a national company, by far the largest corporate training company in the country,” said Sampson.
He said they not only do business and IT training, “we teach people what the wire can do for them. At the very heart of that, by using the wire we can conduct a national company out of Sydney.”
The company over the last three years acquired Acerra, the IT training arm of Algonquin College, and Trios, a Toronto-area IT company.
What’s emerged is a single entity with combined sales of $65 million.
Snow said business skills training provides the largest potential for growth training for CrossOff.
“This acquisition will allow Polar Bear to benefit from CDI’s expertise in project management and business skills training, products and services,” Snow said.
The training will be delivered out of 40 offices across the country.
The expanded company with $65 million in revenues now has 400 full-time employees in 40 offices and contract 700 teachers and trainers across the country.
The announcement of the formal acquisition was made Tuesday in Toronto.
CrossOff paid $19 million for CDI Education, which is subject to a working capital adjustment expected 90 days after closing.
CDI Education will be merged with CrossOff’s training division, Polar Bear Corporate Education Solutions. CrossOff offers corporate information technology and business skills training at 14 locations across Canada.
CrossOff is located in Silicon Island, a former IT development centre, now owned and mostly occupied by Enterprise Cape Breton Corp.
CrossOff board chairman, Sydney lawyer Robert Sampson, said the acquisition represents not only improvements to the bottom line, but reduced costs and increased business efficiencies for the company.
President and CEO Donnie Snow said CrossOff has just rented additional space in Silicon Island and advertised for two or three staff to add to the 26 now employed in Sydney.
“We now have a national company, by far the largest corporate training company in the country,” said Sampson.
He said they not only do business and IT training, “we teach people what the wire can do for them. At the very heart of that, by using the wire we can conduct a national company out of Sydney.”
The company over the last three years acquired Acerra, the IT training arm of Algonquin College, and Trios, a Toronto-area IT company.
What’s emerged is a single entity with combined sales of $65 million.
Snow said business skills training provides the largest potential for growth training for CrossOff.
“This acquisition will allow Polar Bear to benefit from CDI’s expertise in project management and business skills training, products and services,” Snow said.
The training will be delivered out of 40 offices across the country.