Futuris Company Announces Acquisition of Cadan Technologies

Rhea-AI Summary

Futuris Company (OTC Pink: FTRS) has announced the acquisition of Cadan Technologies, enhancing its position in the Human Capital Management sector. This acquisition, financed by First Avenue Funding, is expected to leverage Cadan's technology solutions, including IT staffing and cloud services, which generated over $16 million in revenue in 2021. Cadan, a Certified Woman Owned Business, has partnerships with major manufacturers and is poised for double-digit growth as demand for technology services rises.

Positive

• Acquisition of Cadan Technologies expands Futuris' portfolio in Human Capital Management.
• Cadan generated over $16 million in revenue in 2021, indicating strong financial performance.
• Cadan is positioned for double-digit growth due to increased demand for technology solutions.

Negative

• None.

FAIRFAX, VA, Feb. 01, 2022 (GLOBE NEWSWIRE) -- Futuris Company (OTC Pink: FTRS) a Human Capital Management (HCM) company focused on HCM Staffing, Consulting and Tech Services, is excited to announce the acquisition of Cadan Technologies.

First Avenue Funding ("FAF"), a premier lending company based in Alabama, has financed this transaction. FAF has a long-standing association with Futuris Company and some of its principals and has assisted in multiple transactions in the past.

Cadan Technologies offers a variety of technology services which include technology lifecycle management, IT staffing, cloud solutions, data storage, data security & remote access, and web services. The company also provides products such as new & re-certified equipment from leading manufacturers, as well as sales, repair, maintenance, and installation of Windows® desktops and servers.

Based in Eagan, Minnesota, Cadan Technologies has over thirty years of experience in their field. The has fulfillment agreements with manufacturers and national computer distributors, such as Dell, Lenovo, D&H, Ingram Micro, SYNNEX and Tech Data. With their partners, Cadan Technologies can service client locations nationally. In 2021, Cadan brought in impressive revenues of just north of $16 million. The company is on track to continue record sales, as the remote workforce is now entrenched in the workplace – this business will likely see double digit growth for the foreseeable future.

Founded by Cassandra Rogers, Cadan Technologies, a Certified Woman Owned business, has emerged to be a leading provider of technology solutions and lifecycle management.

“With the recent changes we’ve seen in the world of IT and our ability to adapt, Cadan Technologies was looking to grow our business through acquisition or merger.  Futuris Company provided us the means to achieve our goals and now we have a family of like companies and leadership to make this possible. Our management and staff are excited to be a part of the Futuris family and look forward to the next phase of this journey,” said Daniel Rogers, CEO, Cadan Technologies.

For more information about Cadan Technologies, please visit https://cadan.com/.

Kalyan Pathuri, President of Futuris Company exclaimed, “We are beginning 2022 with the acquisition of Cadan Technologies, a powerful brand to add to our growing portfolio. We will be keeping our shareholders informed as we work on our due diligence for other acquisitions we are looking to close.” 

We encourage shareholders to continually visit our website and social media platforms for updates.

Website: www.futuris.company

Twitter: www.twitter.com/futuriscompany

About Futuris Company

Futuris is a Human Capital Management (HCM) company focused on executive search, Staffing and Consulting services specializing in verticals such as Medical, Accounting/Finance, Information Technology, Recruitment Process Outsourcing (RPO), and Legal. The Company is committed to building a global HCM company through highly targeted and accretive acquisitions and operational efficiencies. For more information, please visit http://futuris.company/.

Forward-Looking Statements

Certain statements contained in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, anything relating or referring to future financial results and plans for future business development activities, and are thus prospective. Forward-looking statements are inherently subject to risks and uncertainties some of which cannot be predicted or quantified based on current expectations. Such risks and uncertainties include, without limitation, the ability to successfully integrate acquired companies, overall economic conditions, the ability to find qualified personnel, and the ability to find new clients. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends affecting the financial condition of our business and although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Consequently, future events and actual results could differ materially from those set forth in, contemplated by, or underlying the forward the forward-looking statements contained herein. The Company undertakes no obligation to publicly release statements made to reflect events or circumstances after the date hereof.

Contact Information:

Futuris Company

Preya Narain

Email: info.it@futuris.company

Phone: (347) 837-0626 

SOURCE: Futuris Company

FAQ

What is the significance of Futuris Company acquiring Cadan Technologies?

The acquisition of Cadan Technologies positions Futuris Company to enhance its offerings in Human Capital Management, tapping into the growing demand for technology services.

What services does Cadan Technologies provide?

Cadan Technologies offers IT staffing, cloud solutions, data storage, and security, along with lifecycle management and technology services.

What were Cadan Technologies' revenues in 2021?

Cadan Technologies reported revenues exceeding $16 million in 2021.

How is the acquisition of Cadan expected to impact Futuris Company?

The acquisition is expected to create synergies that enhance revenue growth and market expansion for Futuris Company.

Who financed the acquisition of Cadan Technologies?

The acquisition was financed by First Avenue Funding, a noted lending company with a history of working with Futuris.