Information Services Corp Completes $147M IPO and Enters Long-Term Master Services Agreement

Information Services Corporation (ISC) completed an initial public offering of 10,500,000 Class A Limited Voting Shares of ISC sold by Crown Investments Corporation of Saskatchewan (CIC) on a secondary offering basis. An additional 1,575,000 Class A Limited Voting Shares of ISC were issued on July 17, 2013, pursuant to the full exercise of the over-allotment option granted to the underwriters for aggregate gross proceeds of approximately $169 million. As part of the process of converting ISC from a crown corporation to a publicly-held company, ISC and the Government of Saskatchewan have entered into a 20-year Master Services Agreement, appointing ISC as the exclusive provider of land, surveys, personal property security and corporate registries for Saskatchewan.

The offering was made through a syndicate of underwriters led by RBC Capital Markets, who acted as sole bookrunner, CIBC who acted as co-lead and included BMO Capital Markets, Scotiabank, TD Securities Inc., GMP Securities L.P., National Bank Financial Inc., Canaccord Genuity Corp., Dundee Securities Ltd., Mackie Research Capital Corporation, Manulife Securities Incorporated, MGI Securities Inc., and PI Financial Corp.

ISC was represented by its vice president, corporate affairs, general counsel and chief privacy officer, Kathy Hillman-Weir, and assistant general counsel Deb Pacholka, with assistance from MacPherson Leslie & Tyerman LLP with a team that included Aaron Runge, Stathy Markatos, Doug Ballou and Brianna Demofsky (securities/corporate); Nathan Schissel and Randy Brunet (IT and outsourcing).

CIC was represented by its senior vice president and general counsel, Doug Kosloski, and legal counsel Angela Eiffert, with assistance from Kanuka Thuringer LLP with a team that included Warren Sproule, Marie-France Menc, Micheal McDougall, Alex Shalashniy and Laurance Yakimowski (corporate); and by McKercher LLP, as special counsel (securities), with a team that included John Pringle, James Sproule and Nikki Rudachyk.

The underwriters were represented by McDougall Gauley LLP with a team that included Stuart Wicijowski, Bill Nickel and David Choi (securities/corporate); and by Stikeman Elliott LLP with a team that included Ian Putnam, Jonah Mann and Bradley Zander (securities/corporate); Dean Kraus and Jill Winton (tax).