Lava Systems acquires SCS Consulting

Lava Systems (Toronto, Ontario, http://www.lavasys.com

) will acquire all outstanding shares of SCS Consulting Limited (Southampton, England). The purchase is valued at approximately $9.5 million based on the proposed issuance of 4,864,720 common shares. To complete the purchase, making SCS a wholly-owned subsidiary, Lava intends to issue an additional 4,864,720 common shares.

The SCS product line, developed for use in the insurance and financial services markets, will be distributed through Lava’s worldwide business partner network. As a wholly owned subsidiary of Lava, SCS operations will be amalgamated with Lava's current UK subsidiary.

The acquisition expands Lava’s presence in the European marketplace and provides the information management company with a “further product focus for a key business sector,” according to Peter Hamilton, president of Lava.