By Tracey Arial
TECSYS, a downtown Montreal-based company specializing in warehouse and distribution management software, purchased Laval-based Logi-D late last week.
The purchase cost $2.95 million in cash and $100,000 in common shares, all of which will go to founder and CEO Richard Philippe.
“Joining TECSYS will help bring us to the next level,” said Philippe. “Being a part of the top solution for healthcare supply chains opens new avenues for us to expand our product footprint. With our resources now combined, I look forward to joining the TECSYS team and providing our customers the best solution available.”
Logi-D’s client base of hospitals and other healthcare organizations appealed to the larger company, which operates offices throughout North America, Europe and Latin America. It also appreciated the $5.6 million dollars in revenue the 27-employee company earned last year.
“This acquisition will bring together two Quebec based technology companies with complementary product lines, and extend our leadership in healthcare supply chains where more than 30 percent of our business is currently coming from,” said Peter Brereton, president and CEO of TECSYS. “Logi-D’s technology reduces the time clinical staff spends managing their inventory, leading to proven reduction in costs with improved patient care and outcomes. We remain the only supply chain solution built to address the specific needs of the healthcare industry, and will continue to expand our offerings both organically and through acquisitions.”
TECSYS shares are listed on the Toronto Stock Exchange, which will have to approve the deal.
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