in recent months, despite increasing volatility in the market, particularly for technology stocks. The offering is being led by TD Securities and Goldman Sachs, with additional underwriting support from RBC Dominion Securities, National Bank Financial, CIBC World Markets, Scotia Capital, BMO Nesbitt Burns, Cormark Securities, Laurentian Bank Securities, ATB Capital Markets, Raymond James and INFOR Financial Group.
Softchoice has 1,850 employees in 26 markets in the United States and Canada, serving 8,700 customers. Its operating earnings improved to US$65-million last year from US$43-million in 2017, although its net sales declined in that time, to US$837-million from US$875-million and from US$954-million in 2019. Net sales in the quarter ended March 31 were up 7.5 per cent year-over-year, to US$233-million. The company earned a net profit of US$2.1-million last year and US$1.8-million in 2019.
Softchoice also last year launched a business transformation plan it expects will improve operating earnings by more than $25-million annually next year. In a letter to shareholders, chief executive officer Vince De Palma said Softchoice aims to capitalize on the accelerated digital transformation by many organizations brought on by the pandemic, including an expected increase in demand for cloud-based and collaborative digital workplace IT. “Looking ahead, we believe that the prevailing trends impacting our customers and the fragmentation in our market continue to present a tremendous opportunity for Softchoice,” he wrote.