TORONTO, May 5, 2020 /CNW/ - Teranet Inc., Canada's leader in the delivery of statutory registry services, announced today that an affiliated entity has acquired all of the outstanding shares of Foster Moore International Limited which operates as Foster Moore®. With over 20 years of experience, Foster Moore has accumulated unparalleled global experience and expertise in registry design, development and operations. Teranet's affiliated entity acquired 49.1% of Foster Moore in 2014, and with the recent transaction, it becomes Foster Moore's full proprietor. Foster Moore is the world-leading provider of Catalyst™, a commercial off-the-shelf registry software, delivering operational cost reductions, enhanced security and process improvements.
"We are excited to officially bring together Foster Moore and Teranet. Our combined expertise in statutory and commercial electronic registries will enable us to offer clients a broad range of registry solutions including configurable software, custom solutions, workflow solutions and operations capabilities," said Teranet CEO, Elgin Farewell. "This relationship, built on common values and two strong brands, will enable us, jointly, to significantly extend and leverage synergies to grow our registries business across Canada and internationally."
Foster Moore will join Teranet as part of the Registries line of business. "For Foster Moore clients, this simply means that Foster Moore with Teranet has a strengthened position as "The registry people®" globally," said Foster Moore CEO, Joel Foster. "Our clients come first. That won't change. We expect this transition to be largely seamless for our clients."
This transaction closed effective May 1, 2020. With this acquisition, the Teranet group of companies now has over 1300 employees operating in 16 offices across the world supporting clients in 20 countries.
About Teranet
Teranet is Canada's leader in the delivery and transformation of statutory registry services with extensive expertise in land and commercial registries. We also market insightful property and data solutions, as well as practice management automation to thousands of customers in the real estate, financial services, government, utilities, and legal markets. Founded in 1991, Teranet operates the Electronic Registration System for the Province of Ontario, Teranet Manitoba—service provider to the Manitoba government, and Collateral Management Solutions—the market leader in Canadian lien registration and search, asset recovery services, and insolvency management. We are proud to be recognized as one of Greater Toronto's Top 100 Employers for four years in a row (2017, 2018, 2019, and 2020). www.teranet.ca
About Foster Moore
Founded in New Zealand, Foster Moore is now a global company with significant experience in building electronic registry solutions. In 1996, the New Zealand Companies Office became the first companies registry in the world with a public online register and in 1998, was the first to allow companies to be incorporated online. Foster Moore pioneered the technology to achieve both these firsts. Since developing the world's first fully-electronic online register, Foster Moore has designed and built over 30 different types of registers for governments and executive agencies including Motor Vehicle Traders Registries, Business Entities, Secured Transactions and highly complex Radio Spectrum Management Registers.
Foster Moore's proprietary Catalyst commercial off-the-shelf (COTS) software is designed to streamline even the most complex project. Catalyst delivers operational cost reductions, enhanced security, and process improvements while complying with the intricacies of all local legislation. www.fostermoore.com
SOURCE Teranet Inc.
Sixmar Diaz, National Marketing & Communications Manager, Teranet Inc., 123 Front Street West, Suite 700, Toronto, ON M5J 2M2, Office: 416.360.8863, Mobile: 905.599.0172, Email: [email protected]; Justin Hygate, VP Registry Innovation, Auckland M +64 (21) 494 283, Email: [email protected]
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