NexJ Systems (TSX:NXJ) hasn’t participated in the resurgence of tech happening on the TSX, but some of those closest to the company are betting on better days ahead.
On October 2nd, NexJ board member William T. Holland purchased 437,800 shares of NexJ in the open market at $1.90. Holland’s purchase was preceded in June by open market buys from insider Kenneth McPhee and NexJ founder and CEO Bill Tatham, and a previous purchase of 950,000 shares at $2.40 from Holland, made on June 5th.
William T. Holland is Executive Chairman of CI Financial Inc., Canada’s third-largest investment fund company with over $80 billion in fee-earning assets.
The recent insider buys from Holland and Tatham will average down their overall price after purchases last year made above the four dollar mark. Shares of the company began the year at $4.15, but have recently flirted with the two-dollar level.
Bill Tatham founded NexJ, he told Cantech Letter last year, “the Monday after the non-compete had expired” after selling Janna, the CRM company he founded in 1990 and sold to Siebel Systems (which was itself acquired by Oracle in 2005) ten years later. NexJ’s specific verticals in CRM are finance, insurance and healthcare. The company uses applied analytics and intelligent modeling, believing these tools allow them to analyze greater amounts of data with more context and relevance.
On August 7th, NexJ reported its Q2, 2013 results. The company lost $5.2-million on revenue of $6.7 million, down 5% from the same period a year prior.
Shares of NexJ closed today up .9% to $2.17.