MONTREAL, QUÉBEC--(Marketwired - Dec. 9, 2013) - Logibec Groupe Informatique Ltée (Logibec) today announced it has entered into a definitive agreement to acquire the Enterprise Management Solutions ("EMS") division of QHR Technologies for a transaction price of CAD$20M, less working capital adjustments. The business unit, which will operate under the name of Quadrant upon closing of the transaction, is a leading provider of administrative software solutions for healthcare organizations in Canada. All employees of the EMS division will be offered employment by Logibec. The transaction is expected to close in December 2013, subject to satisfaction of closing conditions.
Headquartered in Kelowna, British Columbia, with additional offices in Winnipeg and Toronto, the EMS division's primary focus over the years has been on delivering administrative solutions to healthcare organizations in Canada with its Quadrant product line. The division has established a prominent position in Payroll, Human Resources, Staff Scheduling and Financial management.
"The acquisition of the EMS division strengthens Logibec's position as the largest software solutions provider for healthcare organizations in Canada," said Marc P. Brunet, Logibec's President and CEO. "Building on our established reputation in the area of workforce and financial management solutions for complex care settings, this transaction allows us to consolidate the natural synergies between two sets of market leading offerings and deliver cost-effective solutions to a broader array of healthcare institutions and agencies. The combined expertise of over 360 IT healthcare professionals and the expanded product suite will allow Logibec to continue to drive even greater operational efficiencies for care providers throughout the country."
Al Hildebrandt, President and Chief Executive Officer of QHR Technologies, commented, "This acquisition by Logibec, the market leader in Quebec, offers the Quadrant product line an excellent home with strong product line synergy and a focus for growth in the workforce management market. Under the ownership of Logibec, our current Quadrant customers can expect continued high-quality service levels and performance."
Logibec offers clients unparalleled solutions and industry expertise to optimize processes in all domains of the healthcare industry. The company's solutions include the Clinibase and Artefact product families, next generation patient management software packages for acute, long-term and ambulatory care, as well as the market leading Espresso software for human resources, payroll, financial and materials management. Logibec also provides the industry's most advanced Business Intelligence solution to support data-driven performance management and optimized decision support. Together, Logibec and Quadrant offer innovative technologies to support operational performance and help enhance financial management.
About Logibec Groupe Informatique Ltée
Logibec, a portfolio company of OMERS Private Equity, is a leading Canadian healthcare IT company. Logibec has been recognized and ranked in the Branham 300 Industry survey for the last 4 years as No. 1 among the Top Pure-Play Healthcare ICT Companies in Canada. In the U.S., Logibec's wholly owned subsidiary, MDI Achieve, Inc., is a leader in the long-term care market with MatrixCare, the fastest growing, cloud-based EHR solution for the eldercare market. With over 30 years of dedication to the ever-evolving North American healthcare market, Logibec's software and information systems meet the current and future needs of the health and social services sector. For further information, please visit: www.logibec.com.
About OMERS Private Equity Inc.
OMERS Private Equity Inc. ("OPE") is the private equity investment arm of the OMERS Worldwide group of companies. OPE manages the private equity activities of the OMERS pension plan and has over CAD$6 billion of investments under management. The group's investment strategy includes the active ownership of businesses in North America and Europe. OPE is headquartered in Toronto, Canada, with offices in London and New York. For further information, please visit: www.omerspe.com.
OMERS is one of Canada's largest pension funds with over CAD$60 billion in net assets. It provides first-class pension administration and innovative products and services to almost 430,000 members. Approximately one in every 20 employees working in the province of Ontario is an OMERS member. Through the OMERS Worldwide brand, our team of investment professionals uses a direct drive, active management investment strategy to invest in public and private market assets, including publicly-traded equities, fixed-income, infrastructure, private equity and real estate. For more information, please visit www.omers.com, or www.omersworldwide.com.
About QHR Corporation
QHR Corporation is a leader in quality and technology, providing software and services in the following markets:
In the Electronic Medical Records ("EMR") market, QHR offers a suite of medical software modules that provide computer-based medical records for family physicians, medical specialists, and surgeons, as well as administrative modules for billing and patient scheduling, that is a key component in the move throughout Canada to provide electronic healthcare records for all Canadians. QHR also provides on-site and off-site (ASP) hosting capabilities for the EMR market.
In the Enterprise Management Solutions ("EMS") market, QHR specializes in workforce management software, which consists of integrated payroll, staff scheduling and human resource software, and customized financial management software built on the Microsoft Dynamics GP platform. These products are targeted at complex healthcare, social services and public safety environments.
In the Revenue Cycle Management ("RCM") market, QHR provides best in class clearinghouse services, with over 1,500 payers, which assist US healthcare providers to exchange claim information that ensures accurate revenue management. QHR provides a progressive medical billing service that outsources coding, payer reconciliation and revenue reporting. QHR also supports employer health plan enrolment, employee health plan eligibility and health care interoperability through a 5010 standard based EDI gateway. The RCM markets that QHR services are primarily in the US.