Canada’s InSystems sold for US$89 million

Toronto-based industry technology provider InSystems is being sold to Standard Register, an Ohio company, for US$89 million cash.
Standard Register (NYSE: SR), sells technology solutions to companies in 40 countries and has annual revenue exceeding US$1 billion. InSystems, in business since 1989, has annual revenue of about US$24 million and employs about 230 people. InSystems will operate as a wholly owned subsidiary of Standard Register and will keep its brand, leadership and workforce, states a joint press release.
“Through Standard Register, we will gain resources and insights to accelerate the development of additional InSystems solutions and extend our market reach,” comments Michael J. Egan, chairman and CEO of InSystems.
“InSystems is a recognized technology leader with the advanced solutions, technological capabilities and talent that will significantly bolster our information solutions offerings,” says Dennis L. Rediker, president and CEO of Standard Register.
The sale is expected to close in 30 days.