Basis100 Sells Canadian Biz to FiLogix

In a move that will further focus Basis100, Toronto, on the U.S. marketplace, the company has agreed to sell its Canadian Lending Solutions division to FiLogix Inc., another Canadian firm.Under the terms of the agreement, FiLogix will acquire all the assets of CLS, including the rights to Basis100’s mortgage technology -- such as MortgageBase, MortgageBase Plus, HomeBase, ConsumerBase, and LenderBase -- for $16.1 million, subject to certain adjustments. The agreement also gives FiLogix exclusive usage rights to BasisXpress in the Canadian market, and Basis100 retains the software rights to all areas outside Canada. "This sale is part of a strategic redefinition of the company, and allows us to focus our attention and our resources on the U.S. marketplace," said Joseph J. Murin, president and chief executive officer at Basis100. "Our goal for this year is to generate 80% of our overall revenue from the U.S. mortgage lending market." The companies can be found on the Internet at http://www.basis100.com and http://www.filogix.com.