Mediagrif Announces Agreement to Acquire k-eCommerce, a Leading Provider of E-Commerce Business Solutions
Mediagrif Interactive Technologies Inc., a Canadian leader in information technology announced that it has entered into an agreement for the acquisition of all of the issued and outstanding shares of kCentric Technologies Inc. (“k-eCommerce”), a leading provider of e-commerce solutions designed for Microsoft Dynamics and SAP Business One ecosystems and servicing the specific needs of mid-sized enterprises. As mentioned at its shareholders’ annual general meeting, Mediagrif is happy to announce this acquisition, which is in line with its strategy focused on B2B.
“We are very proud to welcome k-eCommerce within the Mediagrif family,” said Luc Filiatreault, President and CEO of Mediagrif. “We’re already active in the e-commerce sector with our subsidiary Orckestra. With over 600 clients primarily from the United States, k-eCommerce significantly strengthens and expands our existing e-commerce offering and allows us to pursue a leadership position in a rapidly growing market. In addition, with 66% recurring revenues and a CAGR of 17% over the last five years, this acquisition will have a significant impact on our organic growth,” added Mr. Filiatreault. “As part of our strategy of refocusing on B2B and accelerating growth, we are committed to finding like-minded partners who share a common vision and values, while increasing the value of our offering for existing and future clients.”
“Our combined forces represent a win-win situation for our customers and our employees. By joining this solid and well-established company, we will be able to increase our ability to innovate, invest in the evolution of our technology and explore new growth opportunities,” said Mr. Laurent Allardin, founder of k-eCommerce.
The total consideration for the acquisition is CAD $ 15 million payable in cash and an issuance of 203,000 common shares of the share capital of Mediagrif, subject to certain deductions, adjustments and encumbrances. The closing of the acquisition is subject to certain conditions, including the approval of the TSX.