The acquisition will be accounted for as an asset purchase.
Founded in 1996 by Dr. Stuart Kauffman and the Center for Business Innovation of Ernst & Young, BiosGroup is the world leader in applying the science of complexity and complex adaptive systems to the simulation, modeling, and solving of difficult problems for government organizations and Global 1000 corporations. Since 1996, BiosGroup has raised more than $20 million in venture capital financing from Ernst & Young, Procter & Gamble Company, and Ford Motor Company; and has built a client list of over 50 major corporations, including Air Liquide, Boeing, the Nasdaq stock market, Southwest Airlines, SAP, Societe Generale, Texas Instruments, Unilever, and the United States Department of Defense.
By joining NuTech Solutions' leadership position in predictive analytic and profit optimization software with BiosGroup's leadership position in combining advanced agent-based simulations with novel optimization techniques, NuTech Solutions expects that it will be better positioned to respond to the growing demand for advanced prediction, simulation, and optimization solutions that help businesses make faster and more profitable decisions.
"With this acquisition we have an exciting opportunity to bring together the best minds in predictive analytics, simulation and modeling, and optimization to better leverage and deliver leading-edge technologies, products, and services to our growing client base," said Matthew Michalewicz, Chief Executive Officer of NuTech Solutions. "We believe these synergies and our complementary product lines make this a powerful and timely proposition, and position us for sustained long-term growth."
"NuTech Solutions and BiosGroup share a common strategic vision for the growth of the analytics and optimization technology marketplace," said Vince Hockett, Chief Executive Officer of BiosGroup. "We expect that our combined intellectual assets and services will create a strong platform to expand the number of clients using these powerful solutions and provide a broader set of solutions to our existing customers."
Under the terms of the Definitive Agreement, BiosGroup founder Dr. Stuart Kauffman, and BiosGroup Chairman Robert MacDonald, will join NuTech Solutions' Board of Directors, and NuTech looks forward to many BiosGroup employees joining them to provide a seamless transition for all clients.
Financial advisor McColl Partners, LLC, represents NuTech Solutions in this transaction. McColl Partners, as well as McColl Partners' Founder and Chairman Hugh McColl, are equity investors in NuTech Solutions, Inc.
About NuTech Solutions, Inc.
NuTech Solutions, Inc. provides predictive analytics and profit optimization software products for Global 1000 companies in the financial services, manufacturing, and retail industry, as well as for government organizations. Based in Charlotte, N.C. and with offices around the world, NuTech Solutions' products are designed to produce measurable increases in financial performance for its users. The company's client roster includes General Motors, Ford Motor Company, Bank of America, Siemens, BB&T, ChevronTexaco, BMW, Beiersdorf, U.S. Department of Defense, Corning, Polish National Air Force, FujiTec, Wells Fargo, and Unilever.
Forward-looking (safe harbor) statement
Statements made in this news release that relate to future plans, events or performances are forward-looking statements. Any statement containing words such as "believes", "plans", "expects" or "intends" and other statements which are not historical facts contained in this release are forward-looking, and these statements involve risks and uncertainties and are based on current expectations. Consequently, actual results could differ materially from the expectations expressed in these forward-looking statements.