ISC Reports Strong Execution on Strategy in 2023
- Expects to deliver record revenue and adjusted EBITDA for 2023, consistent with annual guidance
- Successfully secured Saskatchewan Registries extension to 2053
- Multiple contract wins and new registries announced in 2023
- Achieved ISO 27001 Certification enterprise-wide
REGINA, Saskatchewan, Jan. 29, 2024 (GLOBE NEWSWIRE) — Information Services Corporation (TSX:ISV) (“ISC” or the “Company”), today provided an update on the execution against its growth strategy in 2023, the recent achievements of which have solidified its position in the registry market.
“These achievements reflect our relentless pursuit of growth and excellence,” said Shawn Peters, President and CEO. Peters continued, “Our focused execution in 2023 has ensured that we’ve established a platform to drive our future growth, leveraging the portfolio and capabilities we’ve built, delivering further value for shareholders.”
Securing an extension with the Province of Saskatchewan to operate the Saskatchewan registries until 2053 marked a milestone for ISC, projecting an estimated $1.3 billion in cash flow through the extended period and an impressive 90 per cent increase in total assets. This achievement (the first to be successfully completed in the Canadian registry market since ISC secured the initial MSA in 2013), underscores the Company’s commitment to registries and their opportunities for sustained growth and long-term stability. Meanwhile, ISC’s Services segment continued to be the driver of organic growth in a market that continues to see strong demand for its solutions.
The Company’s expansion continued with the acquisition of the operational rights for two registries – the Bank of Canada Bank Act Security Registry and the International Registry of Interests in Rolling Stock. These acquisitions reflect ISC’s strategic move towards diversification in its expansion of service offerings, enhancing the Company’s presence in key registry sectors.
Furthermore, ISC attained notable success on the national and international front, securing multiple contracts for its Technology Solutions segment. Contracts such as the Bank of Canada, the State of Michigan, States of Guernsey, and the Department of Registrar of Companies and Intellectual Property in Cyprus demonstrate the Company’s global reach and reputation for delivering high-quality solutions.
In line with the focus on high-quality solutions and overall excellence, ISC also achieved ISC 27001 certification enterprise-wide, underscoring its dedication to maintaining the highest standards of security and reliability in its operations.
The investments the Company has made in 2023, while still delivering an anticipated record revenue and adjusted EBITDA consistent with guidance, and maintaining robust quarterly cash dividend payments in 2023, will position us for the next stage of our growth, beginning in 2024, and underscores the Company’s strong financial performance and dedication to delivering shareholder value.
Headquartered 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 Information
This news release contains forward-looking information within the meaning of applicable Canadian securities laws including, without limitation, statements related to the industries in which we operate, growth opportunities and our future financial position and results of operations, including future cash flow estimations. 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, changes in technology and customers’ demands and expectations, identification of viable growth opportunities, implementation of our growth strategy, competition, 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, 2022 and ISC’s unaudited Condensed Consolidated Interim Financial Statements and Notes and Management’s Discussion and Analysis for the third quarter ended September 30, 2023, 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.
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