GFI has simultaneously reinforced its leadership position in IT solutions consulting and development in Canada, topped $110 million in annual sales and added close to 250 new employees

Montréal, Quebec — GFI Solutions Group Inc. (“GFI”), a leading Canadian IT consulting firm, today announced the closing of the acquisition of all outstanding shares of Fortsum Business Solutions Inc. (“Fortsum Business Solutions”), a Quebec-based company solidly entrenched in the business, accounting and banking solutions market, which has recorded substantial growth in revenues, profitability and productivity in the past two years. The acquisition was completed thanks in large part to the financial contributions of Solidarity Fund QFL and GFI Informatique.

Gilles Létourneau, GFI’s President and Chief Executive Officer, stated at the closing session: “The corporate culture, vibrant energy and reputation for excellence of Fortsum Business Solutions perfectly fit in with our own corporate values, in particular our ongoing concern for customer satisfaction. We are proud to welcome this valuable addition to our company. I am firmly convinced that our clients and all the markets we serve will benefit from the combination of our employees’ know-how and our enhanced line of products and services. I would like to point out that Fortsum Business Solutions is a sound and profitable business with successful officers along with skilled and dedicated employees. Our integration efforts will therefore focus primarily on optimizing the commercial synergies between our two groups. The expertise of the team already in place will ensure continued success of operations.”

“From a strategic perspective, the realization of this fourth acquisition in the space of five years marks a crucial milestone in our growth plan through acquisitions, which will allow us to achieve the critical mass needed for new financing prospects and attract a larger number of players to participate in GFI’s future growth and success. We are currently analyzing the various opportunities that could open up to us in this area,” concluded Gilles Létourneau.

“Through this acquisition, GFI has added new talent and enhanced its offer of IT business solutions, and as a result, it is now positioned among the leaders in its market. The Solidarity Fund QFL is a key investor in supporting Quebec-based businesses in their long-term expansion plans. We are proud to accompany GFI’s management team, which has incredible vitality and a strategic business vision that are consistent with the Fund’s ways of doing business,” said Gaétan Morin, Executive Vice-President, Investments at the Solidarity Fund QFL.

Vincent Rouaix, Chairman and CEO of GFI Informatique, noted: “Under current economic conditions, it is reassuring to consolidate the expertise of the Fortsum Business Solutions team with that of GFI, which is in very enviable financial health.”