iCoreConnect Closes Highly Accretive Acquisition of Advantech

Rhea-AI Summary

iCoreConnect (OTCQB: ICCT) has successfully completed its acquisition of Advantech, a Scottsdale-based Managed Software as a Service provider, enhancing its SaaS and MSaaS capabilities in the healthcare sector. This marks iCoreConnect's sixth strategic acquisition under CEO Robert McDermott. The merger is expected to accelerate growth, leveraging Advantech's expertise and recurring revenue model. Both companies thrived during the pandemic, presenting significant opportunities for innovative service offerings. The acquisition is anticipated to contribute meaningfully to iCoreConnect's growth in 2021 and beyond.

Positive

• Acquisition of Advantech enhances iCoreConnect's SaaS and MSaaS capabilities.
• This marks the sixth strategic acquisition, indicating aggressive growth strategy.
• Both companies reported strong performance during the pandemic, showcasing resilience.
• Expected opportunities for innovative service offerings to a combined customer base.

Negative

• None.

iCoreConnect Further Expands SaaS and MSaaS Capabilities in Healthcare

Windermere, FL, April 28, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- iCoreConnect, Inc. (OTCQB: ICCT), a cloud-based, Software as a Service (SaaS) platform for healthcare business workflow, is pleased to announce the closing of its acquisition of Advantech, a Scottsdale, Arizona-based Managed Software as a Service Provider (MSaaS). Advantech provides Managed Software as a Service, including software development, to clients in the healthcare sector.

This acquisition marks iCoreConnect’s sixth strategic acquisition under President and CEO Robert McDermott and his executive team.  “Advantech is an excellent accelerator to the rapid growth iCoreConnect has already experienced recently,” explains McDermott.  “Advantech has excelled for years in the healthcare sector, making this acquisition important.  Both businesses are built on the foundation and strength of monthly recurring revenue.  iCoreConnect and Advantech fared extremely well during the pandemic.  There is a significant opportunity to offer our newly combined customer base additional innovative SaaS offerings. We welcome the Advantech team and customers to iCoreConnect.” Advantech should contribute meaningfully to growth at iCoreConnect in 2021 and beyond.

Advantech founder and President Leon Heyns welcomed the acquisition with excitement.  “This is an incredible opportunity for Advantech. I’ve been quite impressed with the rapid growth of iCoreConnect and I appreciate the commitment to developing cloud-based products that laser focus on helping businesses perform better, with greater speed and agility. Advantech fits perfectly into the iCoreConnect model.”

About iCoreConnect

iCoreConnect is a cloud-based software and technology company focused on increasing profit and operational speed in high-compliance industries. iCoreConnect is most notably known for its innovation in solving healthcare business problems. The company’s philosophy is built on a high level of customer feedback, allowing iCoreConnect to respond to the market’s needs.  iCoreConnect touts a platform of more than a dozen SaaS enterprise solutions and more than 40 agreements with state or regional healthcare associations. iCoreConnect is a member of the prestigious StartUp Health accelerator.

About Advantech IT

Advantech IT was founded with the principle of establishing and building strong business relationships through excellent customer service and staying up to date with the most relevant technology trends. The company reputation is built on its reliable, proactive, and capable technology consulting.  Providing a secure and reliable environment for sensitive and proprietary data is the company’s priority.

Forward Looking Statements

In this news release, the use of the words "believe," "could," "expect," "may," "positioned," "project," "projected," "should," "will," "would" or similar expressions are intended to identify forward-looking statements that represent the Company's current judgment about possible future events. The Company believes these judgments are reasonable, but these statements are not guarantees of any events or financial results, and actual results may differ materially due to a variety of important factors.

Cile Spelce
cspelce@icoreconnect.com

FAQ

What is the significance of iCoreConnect's acquisition of Advantech?

The acquisition enhances iCoreConnect's SaaS and MSaaS capabilities, expected to drive growth and innovation in healthcare services.

When was the acquisition of Advantech by iCoreConnect announced?

The acquisition was announced on April 28, 2021.

How will Advantech contribute to iCoreConnect's growth?

Advantech is expected to add valuable expertise and recurring revenue, aiding in the expansion of service offerings to clients.

What impact did the pandemic have on iCoreConnect and Advantech?

Both companies fared well during the pandemic, providing a strong foundation for the combined business moving forward.

What is the stock symbol for iCoreConnect?

The stock symbol for iCoreConnect is ICCT.