- Smart Employee Benefits (SEB) has announced an 8.04 per cent partial sale of its investment in Paradigm
- SEB continues to own approximately 16 per cent of Paradigm
- The sale gave aggregate gross proceeds of $928,630.00
- The sale proceeds were paid in cash and will be used by SEB for working capital purposes
- Smart Employee Benefits Inc. is a provider of IT and benefits processing software
- Smart Employee Benefits Inc. (SEB) remained unchanged at $0.175 at 10:47 AM ET
Smart Employee Benefits (SEB) has announced a partial sale of its investment in Paradigm, a business consulting firm based in Saskatchewan.
SEB continues to own approximately 16 per cent of Paradigm.
SEB disposed of 804,000 Class A limited partnership units of Paradigm Consulting Group LP for $1.155 per unit and 1,000 Class A shares of Paradigm Consulting Group GP Inc. for $0.01 per share for total gross proceeds of $928,630.00.
The LP units and GP shares were repurchased for cancellation by Paradigm LP and Paradigm GP, respectively.
The sale proceeds were paid in cash and will be used by SEB for working capital purposes.
SEB acquired Paradigm Consulting Group Inc. in March 2015. At the time, Paradigm Consulting Group Inc. was considered a strategic acquisition that would expedite SEB’s growth in the area of health care and benefits administration in Saskatchewan and Manitoba.
“Paradigm is a strong, growing business that is performing well and has excellent growth opportunities,” noted John McKimm, SEB’s President and CEO.
“The redemption of the LP Units and GP Shares provides room for Paradigm to increase its employee ownership over time without increasing the number of outstanding securities beyond the original 10,000,000 LP Units and 10,000 GP Shares,” he added.
Smart Employee Benefits Inc. is a provider of cloud-based, end-to-end IT and benefits processing software, solutions and services for the life and group benefits marketplace and government.
Smart Employee Benefits Inc. (SEB) remained unchanged at $0.175 at 10:47 AM ET.