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Procurri to form JV with Congruity to offer maintenance, IT services
PROCURRI Corporation announced on Monday that its subsidiary Procurri LLC will be forming a joint venture with Congruity LLC to offer independent maintenance and IT support services in the Americas.
The joint venture company Rockland Congruity LLC will be 51 per cent-owned by Procurri LLC, with Congruity holding the remaining 49 per cent stake.
Following the incorporation of the JV, the group intends, subject to the availability of adequate financing, to purchase from Congruity US$3.5 million of inventory for trading purposes and US$12 million of maintenance parts.
The group intends to use US$9.5 million of the proceeds of the initial public offering of Procurri for this purchase, with the balance US$6 million to be funded by bank borrowings and/or other sources.
Procurri LLC will also have an option to acquire the remaining 49 per cent in Rockland Congruity from Congruity.