Markham, Ontario, September 3, 2020 –CORA Group ("CORA"), a subsidiary of Jonas Software (“Jonas”) is pleased to announce the acquisition of Ineo, LLC (“Ineo”). Ineo offers comprehensive global mobility management software, outsourced mobility financial management, and specialized mobility tax services to Relocation Management Companies (RMCs) and Corporations. Ineo represents CORA's first acquisition in the Corporate Mobility vertical.
Ineo offers full lifecycle assignment management and integrates every aspect of the mobility workflow – from vendor management to global compensation services. Leveraging Ineo’s global tax knowledge, it integrates data entry and reporting with logic to support the complexities of mobility talent management.
“We are very excited to acquire Ineo, a recognizable leader in the corporate mobility software vertical,” says Matt Otchet, CEO, CORA Group. “Ineo has done a remarkable job in growing into the success it is today, and we look forward to collaborating with the Ineo team to further build upon that foundation. Please join me in welcoming the Ineo team and customers to the CORA Group.”
“Ineo has always been the industry’s most trusted mobility technology and tax resource,” said David Santora, CEO of Ineo Mobility. Now we are starting a new journey as part of CORA where we will have access to other like-minded businesses to learn from and share best practices. Moreover we have the unique opportunity to run the business autonomously enabling us to stay on course with our goal of being the world’s foremost provider of Mobility technology. CORA truly understands the dynamic needs of our customers, the industry and our team We look forward to working with them to build upon our success.”
“This is a very exciting and impactful transaction for the mobility software sector. It brings together the strategic strength of CORA with the product technology expertise of Ineo to become a leader driving the evolution of mobile workforce management,” said Chris Headrick, Managing Director, Technology M&A at KeyBanc Capital Markets Inc. With further comment on the transaction, Dev Navare, Managing Director, HR Tech and Services at KeyBanc Capital Markets Inc. states, with Ineo’s fundamental understanding of the need to bring forth leading technology the adoption of mobility software will accelerate to allow companies of all sizes to better manage their distributed workforces.”
KeyBanc Capital Markets Inc. acted as an exclusive financial advisor to Ineo Global Mobility Knowledge.
Founded in 2003, Ineo is the global mobility industry’s premier technology, tax, and financial services company and the industry’s most trusted knowledge source. Ineo Mobility was the first to bring deep tax and technology expertise to the business of Mobility services. Today, they continue to lead the increasingly complex industry with customized solutions to meet each client’s specific challenges.
About KeyBanc Capital Markets Inc.
KeyBanc Capital Markets Inc. is a leading corporate and investment bank providing capital markets and advisory solutions to dynamic companies capitalizing on opportunities in changing industries. Our deep Technology industry expertise, advisory capabilities and unique ideas are seamlessly delivered to companies across the Software, IT Services and Infrastructure sectors. KeyBanc’s HR Tech practice has a strong track record of successfully advising companies with over 15 M&A transactions and over 25 Capital Markets transactions completed within the last several years.
About CORA Group
CORA Group operates over 30 independently managed software brands around the world, providing them with the strategic guidance and financial security required to be leaders in their respective markets. From its roots formed in the construction and healthcare markets, CORA’s reach has grown extensively within the debt collection & recovery, wine/spirits, moving/storage, loyalty, legal, and long-term care verticals. Today, CORA Group is proud to supply industry-leading enterprise management software and related services to more than 50,000 customers in over 10+ vertical markets.