|By Marketwired .||
|May 18, 2014 08:00 PM EDT||
TORONTO, ONTARIO -- (Marketwired) -- 05/18/14 -- Teranet President and CEO Elgin Farewell, and Lawrence Franco, President of Value Added Commercial Solutions at Teranet, jointly announced that as of May 15, 2014, an affiliated entity to the company has acquired an interest in Foster Moore International Limited (FMIL), a New Zealand based global market player in the government registry sector.
As an international leader, developer and implementer of online registry solutions including Business, Secured Transaction, and Occupational Registries, the Foster Moore business gained credibility in the registry industry with its strong products, domain expertise, and through a successful relationship with its foundational client, the Ministry of Business, Innovation and Enterprise (MBIE) in New Zealand. FMIL's Catalyst Registry Product is among the best Commercial Off-the-Shelf (COTS) registry products in the world, which can be easily configured to meet the full and unique needs of each jurisdiction. The Catalyst Registry Product ensures speedy and cost-effective deployment, significant operational efficiencies, and a superior user experience.
FMIL holds major government contracts in New Zealand, North America, and South East Asia. FMIL will continue to operate as an independent company with no anticipated impacts to customers of Teranet or FMIL.
An investment in FMIL creates significant strategic value for Teranet, enhancing its value proposition to governments. This investment grants Teranet direct access to capabilities that complement Teranet's end-to-end statutory registry service delivery capabilities and direct access to technologies that can expedite the modernization of registry systems for governments.
"We are excited to work with an organization like Foster Moore, who has clearly demonstrated their expertise in the registry space," said Lawrence Franco, President of Value Added Commercial Solutions at Teranet. "This will certainly allow Teranet to extend its service delivery capabilities beyond Land, Writs, and the Personal Property Registries by creating access to technology that transforms Business, Secured Transaction, and Occupational Registries."
"This strategic investment with Teranet is fantastic for Foster Moore and we are all looking forward to building our future together. This partnership will help Foster Moore move towards becoming the leading corporate registry supplier globally," said Joel Foster, Chief Executive of Foster Moore International Limited. "With this relationship, Foster Moore and Teranet can leverage our experience and expertise to significantly extend the scalability of our businesses in terms of delivery and geographic regions."
This investment follows the recent announcement of Teranet's acquisition of The Property Registry in Manitoba, highlighting Teranet's commitment to expand its registry expertise to different jurisdictions.
An international leader in electronic registration, Teranet has provided land registration and writ services on behalf of the Government of Ontario for the past two decades. Ontario was the first jurisdiction in the world to provide electronic registration of land-related documents, which enhances security, improves the accuracy and integrity of the land registry database and improves the efficiency for all stakeholders. In 2010, the Province of Ontario renewed its long-standing business partnership with Teranet by extending its exclusive licenses for an additional 50 years.
Founded in 1991, Teranet owns and operates Ontario's Electronic Land Registration System, one of the world's most advanced land registration systems, enabling users to conduct electronic registrations as well as title and writ searches relating to real property. Teranet also owns and operates The Property Registry in Manitoba, providing advanced land and personal property security registration and search services. Teranet's comprehensive suite of related data products have fundamentally increased the real estate industry's ability to provide efficient and secure services to the public. Teranet has built a well-established customer base and strong brand confidence, providing electronic services to over 81,000 end users including lawyers, paralegals, real estate brokers and agents, search houses, title insurers, financial institutions, governments, police services, utilities, surveyors, credit unions, investigators and appraisers. Teranet is managed by Borealis Infrastructure, a leader in direct infrastructure investing with well over a decade of investment experience. With offices in Toronto, London, New York and Sydney, Borealis is the infrastructure investment arm of OMERS, one of Canada's largest pension funds with net assets of more than $65 billion and an AAA credit rating. As at December 31, 2013, Borealis manages net assets of approximately $11.6 billion on behalf of OMERS through investments in a diversified portfolio of large-scale infrastructure assets exhibiting stability and strong cash flows, in sectors including energy, transportation and social infrastructure. For more information about Teranet, visit www.teranet.ca.
About Foster Moore
Foster Moore specializes in implementing electronic registry solutions. Since the launch of the first electronic company search in 1995 our company has built over 30 different types of registers. Foster Moore developed and supports all statutory registries for the New Zealand Ministry of Business, Innovation and Employment, including the Companies Office platform launched in June 2010. Based on the know-how and learning accrued from over 20 years' experience in registry design and development, Foster Moore has developed a dedicated registry solution, Catalyst The Registry Manager. With configurable registry templates to provide different levels of functionality and meet the specific needs of individual jurisdictions. Foster Moore are currently running projects in NZ, Australia, South Pacific, Asia, South Africa and Canada. Since 2009 Foster Moore has been developing its activities and opportunities in the global registry marketplace. Delivering projects from a range of satellite offices that are established to support specific customers and projects. For more information about Foster Moore, visit www.fostermoore.com.
416-360-8863, ext. 2170