Company
GREENWICH, Conn. - December 19, 2005 - HALO Technology Holdings (OTCBB: HALO) an enterprise software holding company, has entered into a definitive agreement to acquire Empagio, Inc. and its award winning SymphonyHR hosted solution. Terms of the acquisition were not disclosed. Following completion of the transaction, HALO intends to integrate Empagio with additional HR solutions already within its portfolio to create a premier human resources management solutions provider.
The combined offering will boast an impressive customer base and one of the most modern technology platforms in the industry. Utilizing a hosted, web native HR management solution that delivers enterprise-class capabilities at significantly lower cost than traditional software solutions, the new company will represent over two million employee lives under management.
Empagio’s SymphonyHR is one of the most comprehensive, dependable, and affordable HR management solutions available for automating HR procedures and reducing paperwork, ranging from payroll to benefits administration.
HALO CEO Ron Bienvenu stated, “The acquisition of Empagio is consistent with our strategy of acquiring profitable enterprise software companies that have an established customer base and great products. Furthermore, the Empagio acquisition ushers in the second phase of our long term strategy, which is to acquire companies that provide software-as-a-service architecture for enterprise class applications and combine them with companies that have a large customer base in the same sector.
Our shareholders can expect us to continue to execute similar acquisitions that will drive ever-increasing value from our existing portfolio. Of course, we will do so with financial and operational discipline with the objective of creating positive cash flow in the short run and consistent profitability over the long term.”
HALO Technology Holdings, Inc. is a global provider of a diversified range of standards-based enterprise software applications and on-demand solutions. HALO's strategy is to acquire and operate enterprise software companies with a commitment to sustainable growth. HALO portfolio companies focus on customer service, product quality and profitability to build long term customer relationships and ensure customer satisfaction today and into the future. Everyday, thousands of corporations and institutions from across the globe rely on our portfolio companies to deliver high quality, enterprise class software and services. For more information, please see our website at www.haloholdings.com.
Certain statements in this press release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include those relating to future opportunities, the outlook of customers, the reception of new products and technologies, and the success of new initiatives. In particular, statements contained in this press release that concern future operating results or other statements using words such as “anticipate,” “believe,” “could,” “estimate,” “intend,” “may,” “plan,” “project,” “should” “will,” or “set our sights on” constitute forward-looking statements and are made under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.In addition, such forward-looking statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results expressed or implied by such forward-looking statements. Such factors include: (i) demand for the Company's products; (ii) the actions of current and potential new competitors; (iii) changes in technology; (iv) the nature and amount of the Company's revenues and expenses; and (v) overall economic conditions and other risks detailed from time to time in the Company's periodic earnings releases and reports filed with the Securities and Exchange Commission (the "Commission"), as well as the risks and uncertainties discussed in the Company's Annual Report on Form 10-KSB filed with the Commission on September 28, 2005 (the "Form 10-KSB") and the Company's Quarterly Reports on Form 10-QSB filed with the Commission on November 14, 2005 and on February 15, 2006.