Australia, 27th July 2020 - Prenax has entered into a definitive agreement to acquire CAVAL’s Subscription Services business, CAVAL and Prenax jointly announced today.
The transaction has come about due to the success CAVAL and Prenax have had in building the Subscription Services business together in close partnership. With the sale agreement now signed by the CAVAL Board, the divestment will be effective 31st July 2020 subject to the satisfaction of customary closing conditions.
A key component of the sale includes the transfer of CAVAL’s Subscription Services staff, their roles and responsibilities to Prenax creating a seamless progression for clients. CAVAL and Prenax are committed to this being as smooth a transition as possible.
‘We are pleased to be selling our Subscriptions business to Prenax, who are committed to growing the service nationally,’ said Jaime McCowan, Acting Chief Executive Officer, CAVAL. ‘Subscription Services is performing well and its sale is consistent with our strategy to properly align our business with the interests of our members and clients, improve financial sustainability and maximize member value’ Jaime adds.
CAVAL’s Subscription Services is known for its seamless consolidation, accessioning, processing and delivery service to the Australian public library market. Since 2014 CAVAL and Prenax have offered combined services which included the management and processing of print serials (English magazines, LOTE magazines and newspapers) and consolidated invoicing and account management.
Steve Thompson, Managing Director, Prenax commented ‘It’s always nice to work at something that truly benefits both parties and our clients. It’s a proud evolution in our business and a credit to everyone that has worked so well together; now coming under the one Prenax banner. This replicates our operations overseas, so we can now offer single oversight, via one database. I believe it’s a compelling end-to-end solution for libraries looking for a better way to manage their serials collections, during this time of change.’