Nightingale Informatix Corp. (NGH.V), an application service provider of electronic medical record software, said Monday it has acquired all the assets related to Medrium Inc's Practice Management software business.
Under the terms, Nightingale will pay US$1.75 million in cash for the assets.
Medrium's Practice Management business generated approximately US$2.30 million in annual recurring revenue and approximately US$650,000 in annual EBITDA. The Company expects that operational synergies post-closing will further improve the EBITDA contribution of the acquired business.
The Company expects the transaction to close on, or around, December 19, 2011.
"This transaction is another step toward gaining critical mass and positioning us as a leading North American healthcare technology company," said Sam Chebib, President and CEO of Nightingale.
"We are expanding our reach across Canada and further strengthening our foothold in the U.S. market. In addition, this better equips us to further our product leadership with the expansion of our technology platform and development team. We expect this transaction to add in excess of $2.0 million annually to our base of recurring revenue and to be immediately accretive to EBITDA. In addition, we believe there are opportunities to recognize operating cost synergies as we integrate our offerings."
In relation to the acquisition, the Company will be adding US$2.5 million of senior term debt to its existing CDN$1.0 million senior term debt facility for a combined term of 48 months.
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