Home Top Movers Why Is Alithya Group (ALYA) Stock Up More Than 30% Premarket?

Why Is Alithya Group (ALYA) Stock Up More Than 30% Premarket?

Alithya Group (NASDAQ: ALYA) stock has been rocketing more than 30% this morning in premarket trades. ALYA stock was up 34% floating at $3.16 before the start of the regular session this morning. The surge in Alithya stock has been coming on the heels of definitive agreement news for a digital solution acquisition.

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Why was the agreement made?

Alithya is North America’s leading strategy and digital transformation company, employing over 2,200 professionals across Canada, the United States and Europe. ALYA offers its clients a unique and integrated solution, encompassing four areas of expertise: data and analytics, business strategies, application services, and business solutions. A variety of services, solutions, and skills enable Alithya to create tools tailored to meet customers’ unique needs. ALYA’s clients are manufacturers, telecommunications companies, professional services providers, sustainable energy, transport and logistics companies, healthcare providers, financial institutions and government organizations.

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This morning, Alithya Group announced that an agreement has been reached between Alithya and R3D Conseil, a Quebec-based private venture that specializes in digital solutions.

Québecor and Beneva (through its subsidiary La Capitale), two of R3D Conseil’s indirect principal shareholders, have committed to annual volume commitments worth approximately C$600 million in combined revenues during the initial 10-year commercial agreements.

Within the structure of this significant deal, ALYA will:

  • Get hold of 600 experienced Quebec-based professionals, specializing in consulting and software development in the insurance, financial services, healthcare, government services and telecommunications markets;
  • Create 350 new jobs in areas such as insurance and telecommunications for experts in digital transformation;
  • Add many other clients of R3D Conseil with the backlog representing about $6 million in revenue from value-added service agreements with Québecor and Beneva from services through 2031;
  • Establish a global centre of excellence for insurance-related digital excellence in the Quebec City area;
  • See amount of Alithya shares owned by Investissement Québec increase by about 8.7%; and
  • Québecor and Beneva becoming shareholders and business partners via their subsidiary, La Capitale.

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How ALYA will be benefitted?

The transaction will results significant growth for Alithya Group (ALYA) since R3D Conseil’s revenue for the previous year was about C$63 million. It will also strengthen ALYA’s profitability immediately because of greater annual contract and value-added projects.

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