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Trapeze to Acquire Public Transit Solutions Segment from Continental AGToronto, Ontario – September 1, 2009 – Constellation Software Inc. (“Constellation”) (TSX:CSU) today announced that its wholly-owned subsidiary Trapeze Software Inc. (“Trapeze”), has entered into an asset purchase agreement, for the Public Transit (PT) Solutions business of Continental Automotive AG (“Continental”). PT is a leading global provider of solutions for public urban passenger transport. The division develops, produces and integrates intelligent transportation systems (ITS) including operation control systems, on-board computers, and passenger information displays. The transaction is expected to close on September 30, 2009 subject to satisfaction of certain conditions typical in a transaction of this nature. PT’s Net Revenue (i.e. revenue less third party costs) generated from servicing and supporting existing clients was approximately US$25 million for the twelve months ended December 31, 2008. Georg Sistermanns, Vice President Business Unit Commercial Vehicles and Aftermarket Controller, Continental AG commented: “The Public Transit Solutions business has a strong history of technology and market leadership, providing intelligent transportation systems for public transit. This acquisition by Constellation represents a great opportunity for the PT business to become part of an organization that has historically invested in the public transit sector.” Pending the successful closing of the transaction, the PT division will be renamed Trapeze ITS and Dr. Markus A. Zoller, the current CEO of Continental Automotive Switzerland AG and of the global Public Transit Solutions business, will leave to pursue new challenges. Zoller commented, “I personally initiated the search for a home outside Continental where public transit could be a core business. I see fertile ground for the PT division’s future in the Public Transit business operating as Trapeze ITS.” As a separate operating group of Trapeze Software Inc., Trapeze ITS’ main office will be located in Neuhausen, Switzerland with other offices across Europe including United Kingdom, Germany and Poland. Their North American operations will be headquartered in Cedar Rapids, Iowa. With more than 20 years in the public transport business, Hans-Peter Schär will be appointed Managing Director of Trapeze ITS. Prior to joining Trapeze ITS, Schär was the Chief Executive Officer of VBZ Verkehrsbetriebe Zürich – the second largest public transport operator in Switzerland with a daily transport capacity of more than 900,000 people. At VBZ, Schär was responsible for the company’s operations and corporate strategy and oversaw 2,400 employees with an annual turnover of 430 million Swiss francs. Prior to VBZ, Schär spent 8 years with Siemens TTS (Switzerland) as Chief Executive Officer before it was sold to Continental AG. In addition, he has held executive positions with Häni-Prolectron AG and Softadweis AG. Commented Schär: “Trapeze ITS looks forward to serving PT’s customers. We will conduct a thorough examination of the business and will engage employees in this process. We are committed to ensuring the long-term success of this organization and feel strongly that Trapeze’s experience in the public transit sector will be of significant assistance.” About Constellation About Trapeze Software About Continental – Public Transit Solutions Constellation Software Inc. John Billowits, Chief Financial Officer (416) 861-2279 info@csisoftware.com www.csisoftware.com Trapeze Kim Emmerson, Director of Marketing (905) 629-5297 kim.emmerson@trapezegroup.com www.trapezegroup.com |
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