CHICAGO, April 24, 2006 (PRIMEZONE) -- eNucleus, Inc. (OTCBB:ENUIE) a Chicago-based provider of supply chain software and service solutions, announced today that it has signed a letter of intent to be followed by the signing of a definitive agreement to acquire Styx Infosoft Pvt. Ltd./Azure, a leading call center and market research firm based in Ahmedabad, India. Under the terms of the agreement, the consideration to acquire 100% stake in privately held Styx Infosoft Pvt. Ltd. /Azure is USD$2.5M. Purchase consideration includes cash and stock (up to 20% of purchase consideration at $0.41/share) at closing, debt assumption up to $700K and seller note of $666K. Exact amount and adjustments will be determined after completion of due diligence by May 7, 2006. The acquisition is expected to close by May 14, 2006. For year 2005 revenues for Styx Infosoft Pvt. Ltd. were approximately $2.5 million U.S.
Styx Infosoft Pvt. Ltd. is a leading call center providing business process outsourcing (BPO) for mortgage services, market research services and traditional customer support services to domestic and international clientele. With over 500 employees, a 24x7 operations center, and state-of-the-art technology and equipment, the company is capable of processing and managing over 30,000 calls per hour.
Randy Edgerton, CEO of eNucleus, said: "Our Company and our customers will derive multiple benefits with the addition of the Styx Infosoft Call Center. We will now be able to offer a variety of business process outsourcing services to our clients nationwide, and we anticipate that Styx Infosoft services will help us expand the delivery of eNucleus products and services worldwide."
Mr. Edgerton continued, "The acquisition of Styx Infosoft Pvt. Ltd. /Azure is expected to be accretive within two quarters based on the fact that it is a profitable business today, and very few adjustments are required in utilizing these resources to expand eNucleus markets to reach additional customers for the delivery, support and fulfillment of all eNucleus products and services."
eNucleus plans to introduce the Styx Infosoft BPO services to its customers in the US market in the immediate term, and believes it will play a significant role in the company's ongoing growth strategy. The company anticipates that Styx Infosoft will add an additional $3.5 million to its annual revenues.
Commenting on the transaction, Mukesh Goyal, Director, Styx Infosoft Pvt. Ltd. said, "The Styx Infosoft team is delighted to join the eNucleus family. This partnership brings together the specialized expertise of Styx Infosoft's/Azure market research and call center/BPO services that includes customer/product support and delivery of services over the Internet from an offshore location. We are very confident that our resources can support eNucleus's wide range of products and extended global reach. The merger creates a winning combination which can significantly expand the eNucleus markets and provide superior customer solutions."
About eNucleus
eNucleus provides business process solutions that enable any organization to increase productivity and reduce costs through its suite of "off the shelf" internet-based software products and services. The Company's business software and service applications are installed in 22 countries on five continents, in multiple languages, touching over 250,000 lives. For more information on eNucleus solutions, go to www.enucleus.com.
About Styx Infosoft Pvt. Ltd. /Azure
Styx Infosoft provides business process outsourcing for mortgage services, market research services, and traditional customer support services. The company has more than a decade of experience in IT and ITES, serving both domestic and international markets. Styx Infosoft has a proven track record in IT and CRM Education in India for the last 15 years. The Styx Infosoft contact center was established in 2000 to offer world class inbound and outbound call center services provided by the best people, using the best infrastructure, and best in breed technology. For more on Styx Infosoft, go to www.azurecrm.com.
Forward-Looking Statements
The information contained in this press release, including any "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 contained herein, should be reviewed in conjunction with the Company's annual report, financial filings and other publicly available information regarding the Company, copies of which are available from the Company upon request as well as with its periodic SEC filings. Such publicly available information sets forth many risks and uncertainties related to the Company's business and such statements, including risks and uncertainties related to that are unpredictable and outside of the influence and/or control of the Company.