OTTAWA, Dec. 4, 2017 /CNW/ - Quarterhill Inc.
("Quarterhill" or "the Company") (NASDAQ: QTRH) (TSX: QTRH) today
announced the appointment of Douglas (Doug)
Parker, an executive with extensive experience in
acquisitions of technology and diversified software companies, as
President and Chief Executive Officer, effective January 1, 2018. Mr. Parker is expected to
join Quarterhill's Board of Directors later in 2018. Mr.
Parker will operate out of Quarterhill's Toronto office.
Jim Skippen, Executive Chairman
of Quarterhill said, "Doug is a seasoned executive with solid
international credentials in buying and integrating companies in a
similar environment to Quarterhill. His deep industry
knowledge, energy, experience and reputation will enable
Quarterhill to continue its growth and development as a diversified
investment holding company focusing on investments in the Internet
of Things, enterprise software and other attractive technology
spaces. After an extensive search process, the Board believes
Doug is the best candidate to lead us into the future. We
expect Quarterhill, with Doug's leadership, to continue to make
exciting company acquisitions in the future which build upon the
acquisitions already made."
Prior to Quarterhill, Mr. Parker was Senior Vice President,
Corporate Development of Open Text Corporation ("Open Text"), a
Canadian based US $2 billion global
leader in enterprise information management. In this role Mr.
Parker was a member of the Executive Leadership Team and managed a
seasoned group of corporate development professionals with
operational responsibility for the company's corporate development,
M&A, integration and venture capital activities. Doug's
professional experience includes leading or involvement in dozens
of company acquisitions. During his tenure as head of
corporate development, Open Text deployed approximately
$2.5 billion into acquisitions,
onboarded over 3,500 employees, and added significant accretive
revenues. Prior to this position, Mr. Parker held senior
roles as General Counsel and Assistant Secretary of Open Text and
Associate General Counsel of Nortel, where he was responsible for
all legal aspects of global M&A.
Mr. Parker holds an MBA (Executive) from the Richard Ivey School
of Business, the University of Western
Ontario, an LLB from Queen's Law School, and a BA from
Trinity College, the University of Toronto.
"I am thrilled to join Quarterhill and to be part of its dynamic
evolution into a leading technology business aggregator," said
Doug Parker. "Backed by a
solid balance sheet, we have a strong initial platform and strategy
to leverage, service and expand across various verticals and
adjacencies. I look forward to growing the Company's
capabilities and assisting customers to save costs, optimize
assets, and maximize revenue through data driven
decision-making.
Mr. Parker succeeds Shaun McEwan
who has been Interim CEO of Quarterhill for approximately seven
months. Mr. McEwan will return to his prior position of
Quarterhill CFO, effective January 1,
2018.
Mr. Skippen said, "We want to thank Shaun for an incredible
amount of work, effort and leadership over the past seven
months. Shaun has been with our Company since 2008 as CFO and
we would not be where we are today without Shaun. In
particular, completing the closing of the three Company
acquisitions made during the past seven months required a
phenomenal amount of work and we owe Shaun a debt of
gratitude. We are certain that Doug and Shaun working as a
team are the right combination of top executive talent to lead us
into the future."
Added Skippen, "We continue to search for an appropriate CEO for
the WiLAN patent licensing part of our business and I will continue
as acting CEO of WiLAN, in addition to my other duties, until that
position is filled."
About Quarterhill
Quarterhill is a diversified investment holding company focused on
growing its business by acquiring technology companies in the
Industrial Internet of Things and other attractive segments across
multiple verticals. Quarterhill targets companies with a
broad range of products and services that capture, analyze and
interpret data, and that have strong financial performance,
excellent management teams, strong intellectual property
underpinnings and significant opportunities to develop long-term
recurring and growing revenue streams. Quarterhill is listed on the
TSX and NASDAQ under the symbol QTRH. For more information:
www.quarterhill.com.
Forward-looking Information
This news release contains forward-looking statements and
forward-looking information within the meaning of the U.S. Private
Securities Litigation Reform Act of 1995 and other United States and Canadian securities laws.
Forward-looking statements and forward-looking information are
based on estimates and assumptions made by Quarterhill in light of
its experience and its perception of historical trends, current
conditions, expected future developments and the expected effects
of new business strategies, as well as other factors that
Quarterhill believes are appropriate in the circumstances. Many
factors could cause Quarterhill's actual performance or
achievements to differ materially from those expressed or implied
by the forward-looking statements or forward-looking information.
Such factors include, without limitation, the risks described in
its February 10, 2017 annual
information form for the year ended December
31, 2016 (the "AIF") and its November
9, 2017 Management's Discussion and Analysis of Financial
Condition and Results of Operations for the 3 and 9 months ended
September 30, 2017 and 2016 (the "Q3
MD&A"). Copies of the AIF and the Q3 MD&A may be
obtained at www.sedar.com or www.sec.gov. Quarterhill recommends
that readers review and consider all of these risk factors and
notes that readers should not place undue reliance on any of
Quarterhill's forward-looking statements. Quarterhill has no
intention, and undertakes no obligation, to update or revise any
forward-looking statements or forward-looking information, whether
as a result of new information, future events or otherwise, except
as required by law.
All trademarks and brands mentioned in this release are the
property of their respective owners.
SOURCE Quarterhill Inc.