Mergers and Acquistions News
Categories: Media & Information Services
February 6th 2009, 17:03PM
Canadian QHR Technologies has announced it has completed the acquisition of the financial software division of Momentum.
The deal merges the division with QHR's payroll, scheduling and human resource software wing.
In a statement, QHR announced it had completed the initial funding round to finance the acquisition.
The new, consolidated division creates a leading software provider to Canada's healthcare industry.
It will have its offices in Manitoba and the merger was completed without any job losses.
QHR estimates the tie-up will bring approximately $3.5 million (£1.9 million) to QHR's 2009 consolidated revenue and approximately $1.5 million of annual recurring revenue.
Commenting on the completion of the deal, Al Hildebrandt, president and chief executive officer of QHR, said: "QHR and Momentum customers have reacted very positively to this merger and we already have indications of increased sales opportunities as a result of the merger."
Formed in 1988, QHR started life as Team Resources and specialises in software for the healthcare profession.
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