WASHINGTON, DC and ATLANTA, Mar 19, 2020 (GLOBE NEWSWIRE via COMTEX) --
WASHINGTON, DC and ATLANTA, GA, March 19, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Xalles Holdings Inc.
, a fintech holding company leveraging blockchain technology for financial reconciliation and payment auditing solutions, today announces that it has executed a Share Purchase Agreement to acquire 100% of MinervaWorks Holdings, Inc., an Atlanta based technology company.
Under the Share Purchase Agreement, Xalles Holdings Inc. will acquire all of the common shares of MinervaWorks Holdings, Inc., which in turn will wholly own the two subsidiaries, Minerva Automation, Inc. and MinervaWorks, LLC. The MinervaWorks main office is located a short distance from Truist Park, the home field of the Atlanta Braves baseball club. MinervaWorks has been providing technology solutions since 1986 when Minerva Automation was founded by Rodney Bowers. Mr. Bowers is an Electrical Engineering graduate, and throughout his esteemed career has earned several business and technology related certifications and awards including Six Sigma Champion. The combined MinervaWorks organization, which includes 11 full time employees, in this recession-proof business, will become a wholly owned subsidiary of Xalles Technology Inc.
MinervaWorks provides technology consulting, architecture, engineering, platform management and operational support to help clients bring their technology platforms up to date, leading to technological and digital transformation for their businesses. Their clients range from Caesars Entertainment in Las Vegas and the Georgia Aquarium in the Entertainment field to multiple hospitals and Centers for Disease Control and Prevention (CDC) in the Healthcare industry to multiple clients in the Financial Services industry plus other clients in a variety of industry segments.
MinervaWorks is managing technology services for clients that are at the heart of life preserving and lifesaving systems, as well as important fintech systems. One of the expected growth areas for MinervaWorks is through their product called "The Brick". The Brick is a unique piece of hardware loaded with proprietary software and supported by a national service center that can tap into a client's network probe everything about the organization's IT assets. A few of results realized from this process include identification of unknown rogue devices or unauthorized network access, IT asset audit, immediate identification of stolen or rogue devices as well as cyber security threats. The Brick can become a game changer for many companies and industries.
"MinervaWorks is a very strategic and accretive acquisition for Xalles because of the people, clients, products and services that MinervaWorks brings to the Xalles family of companies," explained Thomas Nash, Xalles Holdings CEO. He added, "Our team is excited to help expand the MinervaWorks services into new markets, bring additional artificial intelligence capabilities, and dramatically increase revenue through The Brick through new marketing and sales channels. In times of crisis, businesses see a rise in cyber security threats and MinervaWorks products and services protect businesses to ensure that companies and their IT operations can survive and thrive."
MinervaWorks Founder and President Rodney Bowers stated, "MinervaWorks is excited about joining Xalles as a premier technology service provider. The Xalles / MinervaWorks relationship is growing and we expect to work together on several developing opportunities. By teaming with Xalles, we are confident in providing our deep experience in cloud architecture, migration and implementation services to an expanding user community. Coupled with our Brick technology, quick and accurate assessments of client platforms will enable our companies to become even more responsive to the changing needs of our clients."
The agreement defines the closing date for this transaction as March 31, 2020. Details of the agreement include a series of buyout payments during a one-year period. The Founder and President of MinervaWorks Holdings, Inc. will continue in his role during an extended three-year transition period following the closing event. MinervaWorks, whose profitable 2019 included revenue that exceeded 2 million dollars, is expected to generate 3 million dollars in revenue in 2020 and significantly more in future years through expanded deployment of The Brick.
About Xalles Holdings Inc. /zigman2/quotes/200831516/composite XALL -4.26%
Xalles Holdings Inc. is a holding company that focuses on direct investments in disruptive fintech companies. The company actively seeks acquisition targets in which it can invest and accelerate growth, targeting companies with solid management teams and business models, large total attainable markets (TAM), and lucrative exit opportunities. The company places emphasis on leveraging blockchain technologies to provide industry-leading financial reconciliation and auditing solutions, which, over time, will allow for the capture of recurring revenue streams. For more information visit: http://Xalles.com
MinervaWorks is an Atlanta, GA based technology company that focuses on The Brick application, Managed Services and IT Consulting. The Brick installed on a customer's network, analyzes technology infrastructure, including end-user computing, systems, networks and cybersecurity, cloud enabled and virtualized, utilizing proprietary edge computing platforms. MinervaWorks is expanding its well-established customer base that includes Caesars Entertainment, Las Vegas Sands, Intercontinental Hotel Group, SITA and United Airlines. All of these companies are very excited and energized about the growth path centered around the Brick technology and the associated analytics. For more about MinervaWorks, please visit http://MinervaWorks.com
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