CAVAL to sell its Subscription Services business to Prenax
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With a sale agreement signed between CAVAL and Prenax the sale will be effective 3rd August 2020.
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Australia, 27th July 2020 – Prenax has entered into a definitive agreement to acquire CAVAL’s Subscription Services business, CAVAL and Prenax jointly announced today.
The transaction has come about due to the success CAVAL and Prenax have had in building the Subscription Services business together in close partnership. With the sale agreement now signed by the CAVAL Board, the divestment will be effective 3rd August 2020 subject to the satisfaction of customary closing conditions.
A key component of the sale includes the transfer of CAVAL’s Subscription Services staff, their roles and responsibilities to Prenax creating a seamless progression for clients. CAVAL and Prenax are committed to this being as smooth a transition as possible.
‘We are pleased to be selling our Subscriptions business to Prenax, who are committed to growing the service nationally,’ said Jaime McCowan, Acting Chief Executive Officer, CAVAL. ‘Subscription Services is performing well and its sale is consistent with our strategy to properly align our business with the interests of our members and clients, improve financial sustainability, and maximize member value’ Jaime adds.
CAVAL’s Subscription Services is known for its seamless consolidation, accessioning, processing and delivery service to the Australian public library market. Since 2014, CAVAL and Prenax have offered combined services which included the management and processing of print serials (English magazines, LOTE magazines & newspapers) and consolidated invoicing and account management.
Steve Thompson, Managing Director, Prenax commented ‘It’s always nice to work at something that truly benefits both parties and our clients. It’s a proud evolution in our business and a credit to everyone that has worked so well together; now coming under the one Prenax banner. This replicates our operations overseas, so we can now offer single oversight, via one database. I believe it’s a compelling end-to-end solution for libraries looking for a better way to manage their serials collections, during this time of change.’
CAVAL would like to thank its entire Subscription Services staff for the commitment they have shown over the years and for the success this has brought to CAVAL and to its library supply business.
Contact for more information,
Jaime McCowan
Acting CEO, CAVAL
T +61 3 9459 2722
E jaime.mccowan@caval.edu.au
Steve Thompson
Managing Director, Prenax Pty Ltd
M +61 467 965 178
E steve.thompson@prenax.com.au
About CAVAL Ltd.
CAVAL Ltd www.caval.edu.au is a member-based for-benefit company that offers specialised products and services to the education and library sector in Australia and New Zealand. CAVAL’s specialist solutions include software-as-a-service hosting, inter-library-loan and document delivery services, digital solutions, consultancy, specialist cataloguing, training and professional development in library and related fields, and off-site storage for library and archive materials. CAVAL’s members and owners are some of the most prestigious Australian Universities and CAVAL enables them to access cost effective and collaborative library support services through economies of scale, scope and expertise.
About Prenax®
Prenax started life in Sweden in 1993, serving the largest bank in Stockholm. There was no specialist subscription agent that understood the complexities of the corporate environment, and customers were frustrated having to rely on academic-focused vendors. Since then Prenax® has grown to be the world’s largest corporate subscription management partner to organisations in the USA, Europe and Asia-Pacific. We serve industries including finance, legal, advanced engineering, consulting, medical, pharmaceutical and government. All of them demand rapid responses and attention to detail andour award-winning customer service has delivered consistently over the years, fuelling our spectacular growth. Today Prenax® manages sales of $150m from seven offices globally. We are profitable, growing and we enjoy a customer retention rate in excess of 97%.
www.prenax.com.au
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Forward-Looking Statements
This release may contain forward-looking statements based on current assumptions and forecasts made by CAVAL and Prenax®. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future results, financial situation, development or performance of the companies and the estimates given here. The companies assume no liability whatsoever to update these forward-looking statements or to conform them to future events or developments.
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