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Quorum Announces Sale of Advantage Complete DMS Software, The Canadian Business Journal

CALGARY, Alberta, September 19, 2022 (GLOBE NEWSWIRE) — Quorum Information Technologies Inc. (QIS:TSXV) (“Quorum” or “we”) is a North American SaaS software and services company We provide the essential enterprise solutions you need. and Original Equipment Manufacturer (“OEM”) today announced that it has signed a definitive agreement to sell its Advantage Complete Dealership Management System (“DMS”) software.

Morley Marks, President and CEO, said: “When Quorum purchased Advantage in 2019, we set a goal to convert 80% of Advantage’s franchise dealers to Quorum’s DMS. By the end of 2020, we will convert 85% of these franchise dealers. , resulting in an additional $700,000 annual SaaS recurring revenue Advantage Complete DMS focused on independent auto dealers to keep Quorum fully focused on the franchised dealer market It was decided to sell the product to Vitali Auto Group.”

Sale and Dissolution Highlights:

  • Selling software for a small fee and returning license agreements
  • $100,000 annual reduction in SaaS revenue from independent dealers
  • $200,000 annual cost savings

The purchaser, a company owned by Vitali Auto Group in London, Ontario, has provided business information to the development of the Advantage software for many years. They will be working with some of the software’s first programmers to focus on Canadian independent car dealers. They believe the software is a premium product and will bring great value to their customers.

About the purchaser

Vitali Auto Group is a family business that has been in the automotive business for four generations and now operates a number of dealerships. They look forward to expanding their business to provide independent auto dealers with affordable, comprehensive and feature-rich software typically available only to franchised dealers.

About Quorum Information Technologies Inc.

Quorum is a North American SaaS software and services company that provides essential enterprise solutions that automotive dealerships and original equipment manufacturers (“OEMs”) rely on to operate.

  • DealerMine CRMa sales and service customer relationship management (“CRM”) system, and a set of business development center services that generate revenue for the dealer’s critical sales and service departments.
  • haute vanceis a modern retail platform that helps dealers attract more business through digital retailing, improve in-store profits and close rates with desk tools, and maximize their efficiency and CSI with Autovance’s F&I menu solutions.
  • accessible accessories, A digital retail platform that enables franchise dealers to efficiently increase vehicle accessories revenue.

Quorum Information Technologies Inc. trades on the TSX Venture Exchange (“TSX-V”) under the symbol QIS. Additional information for investors is available at www.QuorumInformationSystems.com.

contact address:

Morley Marks
President and Chief Executive Officer
[email protected]

marilyn bow
[email protected]

Daniela Trunca
PR for investors
[email protected]

Forward-Looking Information

This press release may contain certain forward-looking statements and information within the meaning of applicable Canadian securities laws (“forward-looking information”). . Forward-looking information is often, but not always, “projected”, “believed”, “planned”, “intended”, “objective”, “continued”, “ongoing” identified using words such as “of”, “estimate”, etc. , “expect,” “may,” “will,” “plan,” “should,” or similar words that suggest future results. Although Quorum believes that the expectations reflected in such forward-looking information are reasonable, there is no assurance that these expectations will prove correct and such forward-looking information is not It should not be overly relied upon.

Forward-looking information is not a guarantee of future performance and involves many risks and uncertainties. Some of them are listed here. Such forward-looking information necessarily involves known and unknown risks and uncertainties. This could cause Quorum’s actual performance and financial results in the future to differ materially from projections of future performance or results expressed or implied by forward-looking information.

Quorum Information Technologies Inc. trades on the Toronto Venture Exchange (TSX-V) under the symbol QIS. For more information, please visit www.QuorumInformationSystems.com.

Neither TSX Venture Exchange nor its regulated service provider (as that term is defined in the TSX Venture Exchange Policy) has reviewed this release and is not responsible for its adequacy or accuracy.

PDF available: http://ml.globenewswire.com/Resource/Download/24a639b0-a9a0-4504-bf0a-6f064b4b4525

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Quorum Announces Sale of Advantage Complete DMS Software, The Canadian Business Journal

Source link Quorum Announces Sale of Advantage Complete DMS Software, The Canadian Business Journal

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