Household International Takes A Greater Stake In Kanbay
Safeguard Scientifics and Household International issued press release today that announced that Safeguard Scientifics, Inc has sold all of its equity interest in Kanbay International, Inc. to Household Investment Funding, Inc., a wholly owned subsidiary of Household International.
In the press release Safeguard and Household stated:
"Since our association with Kanbay in 1998, they have been a model partner company, profitably expanding their footprint of success from the United States and India to Australia, Europe and Singapore," said Anthony L. Craig, president and chief executive officer, Safeguard Scientifics, Inc. "Household's purchase of our equity position in Kanbay allows us to profitably exit one of our legacy investments and provides proceeds which can be deployed in a variety of ways:
To increase our ownership interest in our strategic subsidiaries and fund their respective growth plans.
To acquire new strategic subsidiaries.
And depending upon market conditions from time-to-time, to consider steps to modify our capital structure which may include the repurchase of a portion of our convertible notes due in June 2006 or the purchase of outstanding equity securities.
"Household is pleased to complement our 12-year history with Kanbay by increasing our investment in their organization," said Ken Harvey, group executive and CIO at Household International.
We have enjoyed a very fruitful relationship with Safeguard and are appreciative of the support and guidance that Kanbay has received over the past five years. Kanbay is very excited by the evolution of our strong partnership with Household and HSBC, which positions us for continued growth in the financial services sector.
Raymond J. Spencer
Chairman and CEO
Kanbay International
