Toronto, Ontario, March 30, 2012
Constellation Software Inc. (“Constellation”) (TSX:CSU) announced today that it has submitted a letter to the board of directors of Computer Software Innovations, Inc. (the “Company”) proposing to acquire all of the Company’s outstanding common and preferred stock, and outstanding options to acquire such shares, in a recommended cash tender offer at a price per share of US$1.00 (the “Proposed Offer”).
The Proposed Offer is subject to satisfactory completion of due diligence, the redemption or termination of the rights plan, or “poison pill”, that the Company has recently adopted, and negotiation and execution of a definitive written agreement.
Constellation has substantial experience in managing acquisitions and is committed to working quickly to complete due diligence and execute a definitive agreement. Constellation expects to be able to complete such an agreement within two weeks from the beginning of the due diligence period. Constellation has requested that the Company respond promptly, but not later than April 5, 2012 to the Proposed Offer.
The Proposed Offer does not create any binding obligation, and no such binding obligation will arise unless and until a mutually satisfactory definitive agreement has been executed and delivered by the parties.
Constellation believes that a combination of the Company and Constellation would result in
substantial benefits to both our shareholders and to the Company’s employees.
About Constellation:
Constellation acquires, manages and builds vertical market software businesses that provide
mission critical software solutions. Constellation’s common shares are listed on the Toronto Stock
Exchange under the symbol “CSU”. Further information about Constellation may be obtained
from the Company’s web site at https://www.csisoftware.com.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any
securities. No tender offer for the Company’s shares has been made at this time. In connection
with any tender offer, if made, Constellation will file relevant materials, which may include a
tender offer statement and/or other documents, with the Securities and Exchange Commission
(“SEC”). ALL INVESTORS AND SECURITY HOLDERS OF THE COMPANY ARE URGED TO
READ ANY SUCH DOCUMENTS FILED WITH THE SEC BY CONSTELLATION CAREFULLY
AND IN THEIR ENTIRETY, BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION
ABOUT ANY SUCH POTENTIAL TRANSACTION. Investors and security holders will be able to
obtain free copies of any documents filed with the SEC by Constellation through the website
maintained by the SEC at https://www.sec.gov or by directing a request to Constellation Software
Inc. at 20 Adelaide Street East, Suite 1200, Toronto, Ontario, Canada, M5C 2T6, Attn: Investor
Relations.
This press release may include forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Any such forward-looking statements are based on
Constellation’s current expectations and are subject to uncertainties including the timing to
consummate a potential transaction between the Company and Constellation, the ability and
timing to obtain any required regulatory approvals and the risks and uncertainties inherent in the
software market. There is no assurance that the potential transaction will be consummated.
Investors and security holders are cautioned not to place undue reliance on any forward-looking
statements, which apply only as of the date of this press release. Constellation does not
undertake any obligation to update any forward-looking statements to reflect events or
circumstances after the date of this press release.
For further information, contact:
Constellation Software Inc.
John Billowits, Chief Financial Officer
Tel: (416) 861-2279
info@csisoftware.com
www.csisoftware.com