NEW YORK, Sept. 29, 2004 (PRIMEZONE) -- The following is an investment opinion issued by Investrend Research Syndicate:
Caneum, Inc. (OTCBB:CANM) has enrolled in the unique shareholder empowerment platform administered by Investrend Communications, Inc., a provider of financial intelligence programs.
Criterion research coverage will be initiated by Investrend Research analyst Stephanie Loiacono, CFA. Investrend Research is located on the web at http://www.investrendresearch.com , and the analyst's qualifications are at http://www.investrend.com/articles/secondlevel.asp?level=238 .
Caneum, Inc. is a global provider of business process and information technology outsourcing products and services across vertical industries including technology, energy, government, transportation, financial services, education and healthcare. The company provides a suite of business strategy and planning capabilities to assist companies with their "make versus buy" decisions in the areas of data, network, product development, product maintenance and customer support and fulfills its services on-shore, in-region (NAFTA) and off-shore depending on the business goals and objectives of its global customers.
In parallel, Caneum is opportunistically pursuing accretive acquisitions within its core outsourcing product and service suite in order to broaden its core capabilities, expand its customer base and supplement its organic growth.
Caneum, Inc. has executed a definitive agreement to acquire Pipeline Software, Inc., a leading technology services organization that provides high-value business solutions to clients in the technology sector. Founded in 1997, Pipeline's services include outsourced information technology infrastructure management, e-business application development and integration services.
According to META Group, as referenced by Wipro Technologies (NYSE:WIT), global sourcing of product development will no longer be an optional strategy by 2007-08. With outsourcing being accepted as a key strategy to stay competitive in the globalized economy, the production cycle for technology-centered products will require global resources and global delivery.
Figures culled by the San Francisco-based Asia Foundation showed that India by far is the biggest recipient of outsourced jobs worldwide, earning about 7 billion dollars in revenues in 2001. The study showed that apart from the cost-savings U.S. companies derive from outsourcing, the presence of skilled information technology professionals provides India an image of being a software development powerhouse. Industry projections peg this market to reach 700 billion dollars by 2007.
Total worldwide information technology spending is projected to grow from the 525 billion dollars generated in 2002 to over 725 billion dollars in 2007, a compounded annual growth rate of 6.3%, according to Gartner Worldwide IT Services Market Forecast and IDC.
On the M&A front, the McFaddin/Metis Group, LLC reports a strong pace of information technology services activity continued in the second quarter of 2004. MMG announced that the number of transactions in the second quarter of 2004 in the broader information technology (IT) services sector increased 58% over the second quarter of 2003 and an increase of 30% over the first quarter of 2004. The data compiled for this study covers merger and acquisition activity and trends involving U.S.-based sellers and acquirers who provide IT staffing, solutions and outsourcing services.
Additional information about Caneum, Inc. is available at http://www.caneum.com.
An InvestorPower(tm) page has been created regarding the company at http://www.investrend.com/company/list.asp?sPathParam=yes.
Stephanie Loiacono, CFA, has 18 years of experience in investments and commercial banking. Her investment expertise includes fixed income analysis, bond trading, private placement work and equity analysis. She also has entrepreneurial experience as chief investment officer for a start-up investment management company and as co-founder of a venture capital fund. Ms. Loiacono served in a leadership role supporting the CEO of a Fortune 500 company, and her industry expertise is broad, and includes the telecommunications and information technology sectors.
Investrend Research has been the leading independent equity research publishing and distribution program since 1996, with over 70 qualified professional analysts posting more than 700 reports to date. Anyone may enroll a company in the Investrend platforms. Enrollment fees for the Criterion research platform are $10,940, which is being paid by Monico Capital, which provided financing for the company, as part of a program bundling with MoneyTV.net. Analysts are paid in advance for their initial reports by Investrend Research to limit or eliminate pecuniary interests, and no one associated with the program may own or trade in the equities of companies under coverage.
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