ISC Renews Agreement With the Ontario Ministry of Finance to Operate the Province’s Online Property Tax System Until 2028
May 13 2024 - 8:00AM
Information Services Corporation (TSX:ISV) (“ISC” or the “Company”)
is pleased to announce that through its wholly owned subsidiary,
Reamined Systems Inc. (“Reamined”), the Company and His Majesty the
King in right of Ontario as represented by the Minister of Finance
(the “Ministry”) have entered into an amended and restated License
and Information Technology Services Agreement (the “A&R OPTA
Agreement” or the “Agreement”) to continue the management and
operation of the Online Property Tax Analysis (“OPTA”) system for
the province of Ontario, until March 31, 2028 — with two additional
options for one-year renewals.
Acquired by ISC in 2022, Reamined is a recognized leader in
property tax mitigation support for municipal property tax
administrators and has been providing these services to the
Ministry since the creation of the OPTA system.
The OPTA System was built by Reamined on behalf of the
Government of Ontario in 1998 as a comprehensive, centralized
budgetary planning tool and property tax accounting system for
Ontario municipalities, the unincorporated territories and
government ministries.
“The professionals at Reamined are property tax experts that
contribute a wealth of knowledge and have a highly regarded
track-record in delivering property tax systems that work,” says
ISC President and CEO, Shawn Peters. “Reamined is a natural
extension of ISC’s Registry Operations segment and expands ISC’s
role as a trusted service provider to other jurisdictions. Together
with Reamined, we are proud to be working alongside the Ministry on
behalf of the people of Ontario, ensuring their property tax system
continues to be operated and managed successfully for years to
come.”
Without the renewal agreed to in the A&R OPTA Agreement, the
prior agreement between Reamined and the Ministry would have
expired in March 2025. The early renewal of the Agreement ensures
consistency and continued efficiency of these services by their
current trusted provider.
See how ISC’s three lines of business are growing the registry
operations, technology solutions and information services
landscape: https://company.isc.ca/what-we-do
About ISCHeadquartered in
Canada, ISC is a leading provider of registry and information
management services for public data and records. Throughout our
history, we have delivered value to our clients by providing
solutions to manage, secure and administer information through our
Registry Operations, Services and Technology Solutions segments.
ISC is focused on sustaining its core business while pursuing new
growth opportunities. The Class A Shares of ISC trade on the
Toronto Stock Exchange under the symbol ISV.
Cautionary Note Regarding
Forward-Looking InformationThis news release contains
forward-looking information within the meaning of applicable
Canadian securities laws including, without limitation, statements
related to the term of the OPTA Agreement and anticipated benefits
and the economic resiliency of contract terms Forward-looking
information involves known and unknown risks, uncertainties and
other factors that may cause actual results or events to differ
materially from those expressed or implied by such forward-looking
information. Important factors that could cause actual results to
differ materially from the Company's plans or expectations include
risks relating to changes in economic, market and business
conditions, implementation within the time specified and at the
expected cost, changes in technology and customers’ demands and
expectations, termination risks and other risks detailed from time
to time in the filings made by the Company including those detailed
in ISC’s Annual Information Form for the year ended December 31,
2023 and ISC’s unaudited Condensed Consolidated Interim Financial
Statements and Notes and Management’s Discussion and Analysis for
the first quarter ended March 31, 2024, copies of which are filed
on SEDAR+ at www.sedarplus.ca.
The forward-looking information in this release
is made as of the date hereof and, except as required under
applicable securities laws, ISC assumes no obligation to update or
revise such information to reflect new events or circumstances.
Investor ContactJonathan HackshawSenior
Director, Investor Relations & Capital MarketsToll Free:
1-855-341-8363 in North America or
1-306-798-1137investor.relations@isc.ca
Media ContactJodi BosnjakExternal
Communications SpecialistToll Free: 1-855-341-8363 in North
America or 1-306-798-1137corp.communications@isc.ca
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