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Pandell Acquires Risk Innovations Consulting Inc.

Oct 06 | Corporate

Calgary, AB – (October 06, 2009 ) Pandell Technology Corporation, a pioneer of Software-as-a-Service (SaaS) solutions for the oil & gas and government sectors, announced today that it has acquired Risk Innovations Consulting Inc., an established provider of CFO support services, including financial reporting, IFRS transition, and internal control certification.

Risk Innovations is Pandell’s fourth acquisition in four years; further enhancing Pandell’s position as a leader in delivering industry tailored products and services. The acquisition includes a team of highly qualified accounting professionals that provide specialized oil & gas accounting and reporting, IFRS, and internal control services. The team has joined Pandell’s Business Services Division, and will be part of Pandell’s NexusWorkforce™ offering.

“Risk Innovations has a successful track record in delivering professional services to its clients, through an affordable model,” says Ken McBean, former President of Risk Innovations and new Vice President of Pandell’s Business Services Division. “From our experience gained through risk management consulting with SOx/NI-52-109 and IFRS, we’ve consistently anticipated business resource needs and evolved to meet those challenges. By joining forces with Pandell, we will be able to combine that expertise with a wider range of industry products and services, enabling greater opportunity to fill accelerating gaps in the business market.”

“Pandell is committed to providing our clients with the most professional and cost effective business consulting and resource services available,” says Greg Chudiak, Pandell’s President and CEO. “The acquisition of Risk Innovations enables us to grow our services to include resources that have been increasingly difficult and expensive for small and medium sized businesses to obtain. We’re pleased that we’ll now be able to offer these professional services to our clients. A good example is our IFRS packaged offering that provides assessment and implementation services for making the transition over to the new International Financial Reporting Standards.”

About Risk Innovations Consulting Inc.

Organized as a Calgary based, boutique risk management practice in 2004, Risk Innovations provides CFOs with the specialist expertise necessary to address current issues such as the transition to IFRS, CEO/CFO internal control certification and financial reporting. The company’s resources include seasoned professionals with Big 4 or equivalent industry experience; designations including CA, ACA, CMA, CGA; and specialist designations that include CISA, CCSA and certification in International Financial Reporting Standards (IFRS).


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About Pandell

Pandell is a premier software company that delivers industry specialized Software-as-a-Service solutions to 500+ energy companies in Canada, USA, and globally. Its web-based product suite helps finance, land, and operations teams effectively run their business; while its enterprise division builds and manages large-scale .NET web applications for organizations. Combining the strength of its industry experience, ground-breaking Lithium™ technology, and practical software subscription model, Pandell is Crafting the Future of Energy Software.