Rand Worldwide Inc., a global leader that provides technology solutions to organizations with engineering design and information technology requirements, and Avatech Solutions Inc. (AVSO.OB), a national leading professional services companies for design and engineering technologies, today announced their reverse merger deal. Intending to change the corporate name to Rand Worldwide Inc., the resulting combined company said it will seek a new OTC Bulletin Board symbol to reflect the merger.
The combined company offers advanced solutions to organizations to better design, develop and manage building, infrastructure and manufacturing projects. Such clients include Fortune 500 and Engineering News Record’s Top 100 companies.
Marc Dulude, appointed as CEO by a newly constituted board of directors for the combined company, said the merger will enable the company to seamlessly reach a wide spectrum of clients and to offer an increased number of solutions.
“With little geographic overlap between the businesses today, the combination of Rand Worldwide and Avatech allows us to leverage the full range of selling and technical resources of each of the companies to enhance the service delivered to our clients,” Dulude stated in the press release. “We believe that clients in all of the geographies we serve will reap the benefits of the very deep bench of technical service capabilities that will result from combining the two companies. Also, the ability to deliver the additional products and solutions that each company has to its respective customer bases represents an attractive cross selling opportunity.”
According to the press release, the combined company is the largest global value added reseller of Autodesk Inc. (Nasdaq: ADSK) products, with sales and services capabilities available in the United States, Canada, Singapore, Malaysia and Australia. With offices in 47 cities around the world, the combined company can extend its premier training, support and services throughout the engineering community. The companies’ combined revenue from the last 12 months totaled approximately $82 million.
“We see great opportunities to even further develop the operational excellence that has characterized each company. It is our intention to leverage the investments we have made in our people, systems and processes across a much larger set of selling operations. This combination represents an ideal opportunity for such leverage,” Rychlak stated.
The combined company has approximately 51,400,844 shares of common stock issued and outstanding, 67 percent of which were issued to the former stockholders of Rand Worldwide, including its principal stockholders.
Six directors serve on the company’s board, including CEO Dulude, and president and CFO Rychlak, as well as several former board members of Rand Worldwide and Avatech.
For more information see www.rand.com and www.avatech.com.