Toronto, Canada, July 2, 2008 — Constellation Software Inc. (“Constellation”) (TSX: CSU) announced today that it has completed, through its wholly-owned subsidiary Constellation Homebuilders Systems (“CHS”), the acquisition of the software assets of Florida -based Carbiz Inc. (OTC BB: CBZFF.OB)
“Carbiz’s software division is a proven provider of software to the independent automotive dealership vertical in North America. CarBiz’s suite of software products includes dealer software products focused on the “buy-here pay-here,” sub-prime finance and automotive accounting markets.” said Dexter Salna, President of CHS. “We welcome the employees, customers and products into the CHS family.”
“The acquisition of Carbiz’s software division provides CHS and Constellation the opportunity to enter a new vertical market and apply our proven operational models and strategies” said Bernard Anzarouth, VP, Business Development of Constellation. “While not a large platform acquisition by Constellation standards we are excited that we have been able to establish a toehold in yet another interesting vertical market”.
Carbiz CEO, Carl Ritter said “We are pleased that Constellation Software is able to establish their independent auto dealer vertical business with the addition of Carbiz’s software. This transaction allows Carbiz to further strengthen its new strategic focus on building our chain of “buy-here pay- here” dealerships through our CarBiz Auto Credit division, which now owns and operates as the nation’s fourth-largest chain of “buy-here pay-here” dealerships in the USA.
Constellation’s common shares are listed on the Toronto Stock Exchange under the symbol “CSU”. Constellation Software is an international provider of market leading software and services to a number of industries across both the public and private sectors. Constellation acquires, manages and builds vertical market software businesses that provide mission-critical software solutions to address the specific needs of its customers in those industries.
About CarBiz Inc:
Based in Sarasota, Florida, CarBiz owns and operates the nation’s fourth-largest chain of “buy- here pay-here” dealerships through its CarBiz Auto Credit division, with 26 dealerships in eight states. The company is also a leading provider of training and consulting solutions to the United States automotive industry. For more information about CarBiz and its services, visit CarBiz’s web site: www.CarBiz.com.