OnX Acquires Momentum Business Systems

OnX also completed on April 17, 2000, the acquisition of Momentum Business Systems (Momentum), a Montreal-based provider of e-Business and group ware business solutions, e-Business and group ware corporate training and travel expense management software to companies and public sector organizations in Canada. The transaction is valued at up to $30 million, which is comprised of a base of approximately $21 million and a contingent purchase price of approximately $9 million based on the achievement of certain revenue targets by Momentum.

Cassels Brock & Blackwell LLP in Toronto represented OnX in the acquisition, with a team that included Ann Watterworth, Gary Steinhart and Nancy Dinsmore. Mendelsohn Rosentzveig Shacter in Montreal acted for Momentum on the transaction with a team that included Michael Garonce and Philipp Duffy.