Press Release
GREENWICH, Conn. - January 30, 2006 - HALO Technology Holdings (OTCBB: HALO) an enterprise software holding company, has entered into a definitive agreement to acquire Executive Consultants, Inc. (ECI). Terms of the acquisition were not disclosed. Following completion of the transaction, ECI will be merged into Empagio, a HALO portfolio company that is a premier human resources solutions provider. ECI’s founder, Jim Gilbert, will join Empagio as senior vice president of services.
With the acquisition of ECI’s clients and delivery assets, Empagio’s HR offerings now represent over two million employee lives under management, with over 100,000 lives managed via its outsourced and hosted offerings.
As part of the integration, Empagio intends to expand ECI's Employee Service Center in downtown Pittsburgh to serve as its main on-shore service center for transaction and call center processing.
HALO CEO Ron Bienvenu added, “By folding ECI into Empagio, this acquisition exemplifies one of the most important benefits HALO delivers to our portfolio companies – access to additional capital and M&A expertise to help them grow aggressively. We welcome Jim and his team to the HALO family and look forward to offering ECI’s impressive capabilities to our growing list of HR customers.”
Empagio CEO Randy Cooper stated, “The acquisition of ECI continues our development of Empagio as a dynamic, rapidly-growing force in the HR outsourcing market. With the addition of ECI’s delivery infrastructure and human resources outsourcing expertise we believe the adoption of our hosted offerings will continue to accelerate.“
Empagio (www.empagio.com) delivers innovative on-demand human resources information systems through its SymphonyHR platform. SymphonyHR empowers both large and mid-sized organization to deliver unparalleled HR services to their employees, while decreasing administrative burden. Featuring 100% on-shore service delivery and native web architecture, SymphonyHR is one of the most comprehensive, dependable, and affordable human resources solutions available for automating HR procedures and reducing paperwork, ranging from payroll to benefits administration. Over 2 million employees currently benefit from Empagio’s powerful fully-featured, easy to use HR, payroll and benefits solutions.
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.