Fresche Solutions Secures US$60 Million Financing

MONTREAL, May 24, 2018 (GLOBE NEWSWIRE) -- Fresche Solutions, the world's leading provider of IBM i application modernization and management solutions, announced today that it has secured US$60 million of financing. National Bank of Canada (NBC) as Lead Arranger, sole book runner and Administrative Agent was mandated and successfully arranged the financing with a syndicate of financial institutions comprised of NBC, Investissement Québec and TD Bank. Fresche was aided by Osler, Hoskin & Harcourt LLP to set up the financing, while the financial institutions were aided by Blake, Cassels & Graydon LLP. The financing will be used to fund Fresche's operations, organic growth and aggressive acquisition strategy as it continues to build the largest portfolio of IT modernization solutions in the world. In particular, Fresche is looking to build on its reputation as the one-stop solution provider for the IBM i customer community.

Fresche Solutions provides innovative solutions to organizations seeking to modernize and extend the life of applications and databases that run on IBM Power Systems. Fresche's growing portfolio of technologies and services helps IT departments take advantage of modern and agile solutions including web, mobile and cloud.

"This financing is key to our acquisition strategy," says Andy Kulakowski, President and CEO of Fresche Solutions. "We are a highly profitable global company that's growing quickly, and acquisitions will further accelerate our growth and extend our reach into new markets. We are already the leading provider of modernization and managements solutions to the IBM i community, and our acquisition plan will deepen and diversify that position. IT modernization becomes a more pressing need with each year that passes, and the market is increasingly turning to Fresche for help. This US $60 million financing will help us make sure that we provide the widest possible portfolio of solutions to more than 100,000 potential clients."

Patrick Thibault, Chief Financial Officer at Fresche, said that "Financial institutions were impressed with our level of revenue growth, both direct and via partnerships. Combined with recurring revenue from Fresche's very loyal customer base, the result is above-industry margins generated through numerous international markets. Financial institutions were also impressed by management's proven track record on acquisition and integration, which fueled the decision to support not only Fresche's operations and organic growth but also its acquisition plan. This new financing is an additional step in Fresche's continued growth and acquisition strategy, which will result in building a global champion in the modernization and transformation industry."

Fresche has been named a Top Montreal and Canada Employer four years in a row, which also influenced the banks' decision to invest. With well over 400 employees, and more than 200 technology sector jobs created in the past two years, Fresche has had a highly positive impact on the economy in areas where its offices are located.

About National Bank of Canada

National Bank is an integrated group that provides comprehensive financial services to consumers, small and medium-sized enterprises and large corporations in its core market, while offering specialized services elsewhere in the world. National Bank offers a full array of banking services, including corporate and investment banking. It is an active player on international markets and, through its subsidiaries, is involved in securities brokerage, insurance and wealth management, as well as mutual fund and retirement plan management. Its securities are listed on the Toronto Stock Exchange (TSX:NA.TO).

About Investissement Québec

Investissement Québec's mission is to foster the growth of investment in Québec, thereby contributing to economic development and job creation in every region. The Corporation offers businesses a full range of financial solutions, including loans, loan guarantees and equity investments, to support them at all stages of their development. It is also responsible for administering tax measures and prospecting for foreign investment.

About TD Bank

The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Group ("TD" or the "Bank"). TD is the sixth largest bank in North America by branches and serves more than 25 million customers in three key businesses operating in a number of locations in financial centers around the globe: Canadian Retail, including TD Canada Trust, TD Auto Finance Canada, TD Wealth (Canada), TD Direct Investing, and TD Insurance; U.S. Retail, including TD Bank, America's Most Convenient Bank®, TD Auto Finance U.S., TD Wealth (U.S.), and an investment in TD Ameritrade; and Wholesale Banking, including TD Securities. TD also ranks among the world's leading online financial services firms, with approximately 12 million active online and mobile customers. TD had CDN$1.3 trillion in assets on January 31, 2018. The Toronto-Dominion Bank trades under the symbol "TD" on the Toronto and New York Stock Exchanges.

About Fresche Solutions

Fresche helps IBM i users meet all their IT challenges. As a leading expert in IBM i, we provide products, services and solutions that span the complete IBM i application modernization and management spectrum. We enable IT with modernization strategies to support business growth and improve financial performance, increase market competitiveness, remove risk and add business value. With the widest solution portfolio in the IBM i marketplace and 100% referenceability, our team of experts helps organizations future-proof their business by modernizing business processes, technologies and applications. Companies running RPG, COBOL, CA 2E Synon and Java applications rely on us for comprehensive, automated solutions that optimize IBM i systems and help take advantage of technologies such as Web, Mobile, Cloud and AI on IBM i. Our complete portfolio includes solutions in the following areas:

• IT Strategy & Planning
• Analysis & Productivity
• Graphical User Interface, Web & Mobile
• Staff Augmentation & Application Services
• Code & Database Modernization
• Reporting & Document Distribution

For more information about our company, visit us on the web at www.freschesolutions.com

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For any inquiries about this press release, please contact Marcel Sarrasin or Christine McDowell:

For any corporate investment inquiries, please contact Patrick Thibault: