|By PR Newswire||
|April 16, 2014 03:38 PM EDT||
VANCOUVER, April 16, 2014 /CNW/ - Coast Capital Equipment Finance Ltd. (CCEF), a subsidiary of Coast Capital Savings, and Travelers Financial Corporation (TFC) announced today that the assets of the prime equipment and vehicle finance business of TFC will become part of the Coast Capital Group of Companies.
The deal is expected to close early next month. Following the close, the consolidated equipment finance business of the Coast Capital Group of Companies will be carried out under CCEF and two new entities, Travelers Finance Ltd. and Travelers Leasing Ltd.
The combined organizations' position in the Canadian equipment financing sector will be strengthened as a result of this agreement. The transaction will allow the two organizations to align their combined expertise and core strengths, while capitalizing on shared efficiencies and reaping the benefits of increased opportunities, including a broader customer base across the country and positioning for future growth.
TFC is one of the largest independent finance and leasing companies in Canada, offering a wide range of assets-based financing solutions to commercial and industrial sectors. Headquartered in Burnaby B.C., they also have offices in Alberta, Saskatchewan, Manitoba and Ontario.
While the ownership structure is changing, it's business as usual. Customers can expect the same level of personal attention from the staff they have come to know. In the future, customers will benefit from the new arrangement, including a more efficient credit and funding process and more competitively priced products.
"At Travelers we're proud of all our employees and leadership team have accomplished. Finding an organization that shares mutual goals for growth and improved service means that we can continue to watch our team grow and succeed while ensuring that we're doing the best we can for our customers in a competitive marketplace," says Jim Case, CEO, Travelers Financial Corporation "This opportunity holds so much potential and really puts us on the map as an industry leader."
"We're excited about the possibilities that bringing Travelers' business into the Coast Capital Group of Companies offers," says Tracy Redies, Coast Capital Savings' President and CEO. "With our combined industry expertise and superior offerings, this deal brings our customers several new financing options that will ultimately help our business customers access the tools they need to succeed and continue to grow."
Under the terms of the agreement, Travelers' shareholders will have a minority equity interest in the combined operations. TD Securities Inc. acted as financial advisor to Coast Capital Savings in connection with the transaction.
ABOUT COAST CAPITAL EQUIPMENT FINANCE LTD. ("CCEF")
CCEF is a subsidiary of Coast Capital Savings. Coast Capital Savings is Canada's second largest credit union, owned by its 512,000 members. It has 50 branches in the Metro Vancouver, Fraser Valley and Vancouver Island regions of British Columbia.
Coast Capital Savings, directly and through CCEF offers commercial and industrial equipment leasing and financing to companies located from British Columbia to Ontario.
The activities of CCEF are focused on securing financing opportunities primarily in the transportation, manufacturing, and construction markets, as these financings are secured with strong resale values to mitigate risk.
ABOUT TRAVELERS FINANCIAL CORPORATION ("TFC")
TFC was founded in 1986, and has since maintained a focus on the mid-market equipment leasing business. TFC offers a wide range of asset-based financing solutions to commercial and industrial sectors including transportation, construction, manufacturing, and other capital intensive industries, as well as corporate aircraft and automobile leasing.
In addition to the business operated by TFC, the operations of the Travelers Group were diversified in 1993 with the acquisition of a consumer acceptance company, Travelers Acceptance Corporation, which in 2010 was acquired by Servus Credit Union. Further diversification was achieved in 1995 with the national expansion of Travelers Leasing Corporation, an automobile leasing company that in 2007 was acquired by Scotiabank and renamed Scotia Dealer Advantage. Travelers expanded again in late 1999 with the acquisition of an Alberta-based equipment leasing company, which was later merged into Travelers Financial Corporation.
Image with caption: "Travelers (CNW Group/Travelers)". Image available at: http://photos.newswire.ca/images/download/20140416_C4146_PHOTO_EN_39385.jpg
Image with caption: "Coast Capital Savings (CNW Group/Travelers)". Image available at: http://photos.newswire.ca/images/download/20140416_C4146_PHOTO_EN_39384.jpg
Cloud computing is being adopted in one form or another by 94% of enterprises today. Tens of billions of new devices are being connected to The Internet of Things. And Big Data is driving this bus. An exponential increase is expected in the amount of information being processed, managed, analyzed, and acted upon by enterprise IT. This amazing is not part of some distant future - it is happening today. One report shows a 650% increase in enterprise data by 2020. Other estimates are even higher....
Aug. 27, 2016 12:45 AM EDT Reads: 2,920
With over 720 million Internet users and 40–50% CAGR, the Chinese Cloud Computing market has been booming. When talking about cloud computing, what are the Chinese users of cloud thinking about? What is the most powerful force that can push them to make the buying decision? How to tap into them? In his session at 18th Cloud Expo, Yu Hao, CEO and co-founder of SpeedyCloud, answered these questions and discussed the results of SpeedyCloud’s survey.
Aug. 27, 2016 12:45 AM EDT Reads: 2,136
SYS-CON Events announced today that Isomorphic Software will exhibit at DevOps Summit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Isomorphic Software provides the SmartClient HTML5/AJAX platform, the most advanced technology for building rich, cutting-edge enterprise web applications for desktop and mobile. SmartClient combines the productivity and performance of traditional desktop software with the simp...
Aug. 27, 2016 12:15 AM EDT Reads: 2,250
Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more business becomes digital the more stakeholders are interested in this data including how it relates to business. Some of these people have never used a monitoring tool before. They have a question on their mind like “How is my application doing” but no id...
Aug. 26, 2016 11:15 PM EDT Reads: 1,743
Actian Corporation has announced the latest version of the Actian Vector in Hadoop (VectorH) database, generally available at the end of July. VectorH is based on the same query engine that powers Actian Vector, which recently doubled the TPC-H benchmark record for non-clustered systems at the 3000GB scale factor (see tpc.org/3323). The ability to easily ingest information from different data sources and rapidly develop queries to make better business decisions is becoming increasingly importan...
Aug. 26, 2016 10:45 PM EDT Reads: 2,057
SYS-CON Events announced today that 910Telecom will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and ...
Aug. 26, 2016 10:00 PM EDT Reads: 1,838
Kubernetes, Docker and containers are changing the world, and how companies are deploying their software and running their infrastructure. With the shift in how applications are built and deployed, new challenges must be solved. In his session at @DevOpsSummit at19th Cloud Expo, Sebastian Scheele, co-founder of Loodse, will discuss the implications of containerized applications/infrastructures and their impact on the enterprise. In a real world example based on Kubernetes, he will show how to ...
Aug. 26, 2016 09:15 PM EDT Reads: 1,425
Traditional on-premises data centers have long been the domain of modern data platforms like Apache Hadoop, meaning companies who build their business on public cloud were challenged to run Big Data processing and analytics at scale. But recent advancements in Hadoop performance, security, and most importantly cloud-native integrations, are giving organizations the ability to truly gain value from all their data. In his session at 19th Cloud Expo, David Tishgart, Director of Product Marketing ...
Aug. 26, 2016 07:15 PM EDT Reads: 397
As the world moves toward more DevOps and Microservices, application deployment to the cloud ought to become a lot simpler. The Microservices architecture, which is the basis of many new age distributed systems such as OpenStack, NetFlix and so on, is at the heart of Cloud Foundry - a complete developer-oriented Platform as a Service (PaaS) that is IaaS agnostic and supports vCloud, OpenStack and AWS. Serverless computing is revolutionizing computing. In his session at 19th Cloud Expo, Raghav...
Aug. 26, 2016 07:00 PM EDT Reads: 698
SYS-CON Events announced today Telecom Reseller has been named “Media Sponsor” of SYS-CON's 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
Aug. 26, 2016 07:00 PM EDT Reads: 652
Aspose.Total for .NET is the most complete package of all file format APIs for .NET as offered by Aspose. It empowers developers to create, edit, render, print and convert between a wide range of popular document formats within any .NET, C#, ASP.NET and VB.NET applications. Aspose compiles all .NET APIs on a daily basis to ensure that it contains the most up to date versions of each of Aspose .NET APIs. If a new .NET API or a new version of existing APIs is released during the subscription peri...
Aug. 26, 2016 06:00 PM EDT Reads: 1,926
SYS-CON Events announced today that StarNet Communications will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. StarNet Communications’ FastX is the industry first cloud-based remote X Windows emulator. Using standard Web browsers (FireFox, Chrome, Safari, etc.) users from around the world gain highly secure access to applications and data hosted on Linux-based servers in a central data center. ...
Aug. 26, 2016 05:00 PM EDT Reads: 668
Smart Cities are here to stay, but for their promise to be delivered, the data they produce must not be put in new siloes. In his session at @ThingsExpo, Mathias Herberts, Co-founder and CTO of Cityzen Data, will deep dive into best practices that will ensure a successful smart city journey.
Aug. 26, 2016 04:45 PM EDT Reads: 1,532
DevOps at Cloud Expo, taking place Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long dev...
Aug. 26, 2016 04:30 PM EDT Reads: 2,309
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportuni...
Aug. 26, 2016 04:00 PM EDT Reads: 3,932