Who Owns ISC Company?

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Who Owns Information Services Corporation (ISC)?

Understanding a company's ownership is key to grasping its direction and accountability. Information Services Corporation (ISC) underwent a significant shift from a Crown corporation to a publicly traded entity, reshaping its ownership structure.

ISC, established in 1999, initially served as Saskatchewan Land Information Services Corporation, focusing on provincial registry and information management. Its evolution into a multinational entity managing critical public data highlights its growth and expanded role.

Who owns ISC?

Information Services Corporation (ISC) began its journey as a Saskatchewan Provincial Crown Corporation on January 1, 2000. Initially focused on administering the Land Registry and Land Survey systems, its responsibilities expanded over the years to include personal property, vital statistics, and corporate registries.

Origins as a Crown Corporation

ISC was established as a Saskatchewan Provincial Crown Corporation. Its initial mandate involved managing the province's Land Registry and Land Survey systems.

Expansion of Services

Over time, ISC's scope broadened significantly. It incorporated the Saskatchewan Personal Property Registry, Vital Statistics, and the Corporations Branch, becoming a central hub for various provincial information services.

Government Ownership

As a Crown corporation, ISC was wholly owned by the Government of Saskatchewan. It operated under the oversight of the Crown Investments Corporation of Saskatchewan (CIC).

Transition to Private Ownership

In November 2012, a significant shift occurred with the announcement of a public share offering. The government planned to sell 60% of ISC's shares, retaining the remaining 40%.

Share Allocation Plan

The proposed share distribution included 5% for ISC employees and 45% for Saskatchewan residents. The remaining 50% was designated for other retail and institutional investors.

Government Retained Control

A key element of this transition was the government's retention of a 'golden share.' This ensured the company's head office remained in Saskatchewan and that data ownership stayed with the government.

ISC did not have individual founders in the conventional sense, as its establishment was a governmental initiative. The entity evolved from existing provincial government functions, consolidating various information services under one corporate umbrella. This foundational structure meant that the initial ownership was entirely vested in the Government of Saskatchewan.

Early Ownership Structure

The initial ownership of ISC Company was 100% held by the Government of Saskatchewan. This structure reflected its origin as a provincial Crown corporation, responsible for critical government information systems.

• Established January 1, 2000.
• Initially Saskatchewan Land Information Services Corporation.
• Managed Land Registry and Land Survey.
• Expanded to include Personal Property Registry, Vital Statistics, and Corporate Registry.

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The ownership of ISC Company saw a significant shift with its initial public offering (IPO) on July 9, 2013, on the Toronto Stock Exchange. This event marked its transition to a publicly traded entity, influencing its stakeholder landscape and strategic direction.

Following its IPO, Crown Investments Corporation of Saskatchewan (CIC) emerged as the largest single shareholder, initially holding approximately 31% of the Class A Shares, which later adjusted to 29.20% as of March 23, 2025. This substantial stake underscores CIC's continued influence on the ISC Company ownership structure. The company's public trading status has facilitated its expansion beyond its foundational registry operations, enabling strategic acquisitions and diversification. Registry Operations, however, remained a dominant contributor, accounting for over 70% of reported EBITDA as of September 30, 2022. A key development in 2023 was the extension of the Master Service Agreement with the Government of Saskatchewan until 2053, which involved a $150 million upfront payment from ISC and subsequent annual payments of $30 million for five years, commencing in 2024.

Key Ownership Milestones

ISC Company's journey to its current ownership involved a pivotal IPO and ongoing institutional investment. Understanding these shifts is crucial for grasping the company's financial trajectory.

• Initial Public Offering (IPO) on July 9, 2013.
• Crown Investments Corporation of Saskatchewan (CIC) as the largest shareholder.
• Significant holdings by institutional investors like QV Investors Inc. and CI Global Asset Management.
• Strategic acquisitions fueled by public trading status.
• Long-term Master Service Agreement with the Government of Saskatchewan.

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The Board of Directors at Information Services Corporation (ISC) is instrumental in the company's governance, balancing public shareholder interests with strategic direction. As of March 24, 2025, ISC's structure includes 18,515,617 Class A Shares and a single Class B Golden Share.

The voting power within ISC is primarily structured on a one-share-one-vote basis for its Class A Limited Voting Shares. However, the Government of Saskatchewan's Class B Golden Share provides significant influence, ensuring the company's head office remains in Saskatchewan and maintaining governmental oversight on critical data. While specific shareholdings of individual board members are detailed in annual management information circulars, these documents, such as the 2024 and 2025 editions, offer profiles of directors, including those appointed by the government, highlighting their backgrounds, skills, and any securities held. The governance environment appears stable, with no widely reported recent proxy battles or activist investor campaigns impacting decision-making, likely due to the consistent and substantial government stake.

ISC Company Ownership Structure

Understanding ISC Company ownership is key to grasping its governance. The government's significant stake ensures strategic alignment with provincial interests.

• Class A Shares: 18,515,617 issued and outstanding as of March 24, 2025.
• Class B Golden Share: Held by the Government of Saskatchewan, granting special control rights.
• Government Influence: The Province of Saskatchewan appoints 3 directors to the 10-member board.
• Voting Rights: Primarily one-share-one-vote for Class A shareholders.
• Strategic Oversight: The Golden Share ensures the head office remains in Saskatchewan and maintains government control over critical data.

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Over the past few years, Information Services Corporation (ISC) has seen shifts in its ownership trends, notably through share buyback programs and strategic acquisitions. These actions aim to optimize its capital structure and expand its service offerings, influencing its overall ownership landscape.

The extension of the Master Service Agreement (MSA) with the Government of Saskatchewan in July 2023, pushing the term to 2053, is a pivotal development. This agreement solidifies ISC's exclusive role in managing key registries and includes significant financial commitments from ISC, underscoring the government's vested interest and ongoing partnership.

Share Buyback Initiative

ISC authorized an equity buyback of 929,007 shares in 2024. This move can potentially increase the ownership stake of existing shareholders.

Strategic Acquisitions

The company has acquired businesses like Paragon Inc. for $70 million in 2020 and Reamined Systems Inc. in 2022. These acquisitions aim to diversify revenue streams and expand market reach.

Government Partnership Extension

The MSA with the Government of Saskatchewan was extended to 2053. This includes a $150 million initial payment and subsequent annual payments, reinforcing the long-term relationship.

Financial Strategy and Growth Targets

ISC aims to deleverage its balance sheet to a net leverage target of 2.0x – 2.5x and double its size by 2028. The company reported record adjusted EBITDA of $90.3 million for 2024, with revenue at $247.4 million.

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