WASHINGTON, DC and CUMMING, GA, May 04, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE ‒ Xalles Holdings Inc. (OTC: XALL), a fintech holding company providing technology and financial services solutions, today announces that it has executed a Share Purchase Agreement to acquire 100% of Intel365, Inc., a Georgia based innovative background screening services company.
Under the Share Purchase Agreement, Xalles Technology Inc., a wholly owned subsidiary of Xalles Holdings Inc., will acquire all of the common shares of Intel365, Inc. The company is based in Cumming, Georgia, which is part of the metropolitan Atlanta area. Intel365’s vision is to provide technology and services in the areas of corporate intelligence, employment screening, and technology due diligence.
Intel365 is led by its founder Crispin Cruz. Mr. Cruz graduated Cum Laude with a B.G.S. in Business Administration and Marketing from the University of Michigan. Mr. Cruz has over 20 years of experience in the background screening industry. He has held numerous executive C-level positions with industry-leading background screening companies throughout the United States. Many of Mr. Cruz’s accomplishments include; launching multiple sales initiatives, acting as a corporate turn-around specialist, and leading national business development efforts. All his past ventures in the background screening industry resulted in multiple times growth rates. Mr. Cruz has managed millions of dollars in sales and personally sold millions of dollars in new revenue for the businesses in which he has been directly involved. His accomplishments span multiple industry verticals and geographic regions. Over his 20-year tenure, Mr. Cruz has worked with both background screening professionals and businesses to help them build scalable, sales processes that have yielded immediate, positive results.
Intel365, a technology-oriented intelligence company, will become a wholly owned subsidiary of Xalles Technology Inc. Intel365’s competitive advantages include having a US-based client service team, concise and easy-to-read reports, access to over 650 million criminal records, progressive screening, XML based API integration (that functions as a connector and a translator between applicants and HR departments) in addition to assistance with FCRA compliance.
Intel365 voluntarily demonstrates a commitment to employment compliance and best practices, first class security and overall excellence. The Georgia-based company is a proud member of the Professional Background Screening Association (PBSA - formerly the NAPBS). Proudly, every member of the Intel365 team has earned their FCRA certification.
“The Intel365 acquisition for Xalles is very strategic and timely,” stated Thomas Nash, Xalles Holdings CEO. He added, “Even though the discussions for this deal began months ago before most people had ever heard of Covid-19, the pandemic has created unprecedented global unemployment in recent weeks. Since early March over 30 million American workers, representing roughly 18.6% of the US labor force, will inevitably be seeking reemployment. As companies start to look ahead to rehiring, new hiring, mergers and acquisitions, and new business partnerships, we undoubtedly believe services like Intel365’s background screening and corporate intelligence software, will be one of the most in-demand services in this country.”
Intel365, Founder and President Crispin Cruz stated, “Intel365 is incredibly pleased to be joining the Xalles business family as an innovative technology-based intelligence services provider. The business development relationships will assist Intel365 to grow faster. Having an expanded team of experienced people with deep system and technical skills will allow us to continue expanding our innovative services to meet customer needs.”
The acquisition agreement defines the closing date for this transaction as May 15, 2020. Details of the agreement include Xalles acquiring 100% of Intel365 in exchange for 20,000,000 of Xalles’ restricted common shares. The Founder and President of Intel365 will continue in his management role as company president for the new subsidiary. Intel365 is expected to generate $500,000 in revenue in 2020 and $2,000,000 in 2021.
About Xalles Holdings Inc. (OTC: XALL)
Xalles Holdings Inc. is a holding company that focuses on acquisition and support of disruptive fintech companies. The company actively seeks targets in which it can partner with or acquire to accelerate growth, targeting companies with solid management teams and business models, large total attainable markets (TAM), and lucrative exit opportunities. The company places an emphasis on leveraging blockchain technologies to provide industry-leading financial reconciliation and auditing solutions, which, over time, will allow for the capture of recurring revenue streams. For more information visit: http://Xalles.com
About Intel365, Inc.
Intel365 is a Cumming, GA based background check technology and services company that is a provider of employment background checks that includes drug testing, criminal record checks, education, and employment verification, reference checks, driving records, credit reports, social security trace and address history, civil court records, global background checks, sanctions, and risk reports. Intel365 provides these services to all industries including healthcare, manufacturing, staffing, retail, and transportation. Intel365 is pre-integrated with the most widely used ATS (Applicant Tracking System) and HRIS (Human Resource Information System) systems so that human resource professionals and their companies can save time and money by ordering background checks more conveniently. For more about Intel365, the new website will be available shortly at http://Intel365.net
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