Kelowna, British Columbia-based QHR Technologies Inc. will acquire Clinicare Corp., a Calgary-based vendor of physician practice management and electronic health records software serving physician practices in Canada and the United States.
QHR Technologies sells physician practice management and EHR software in Canada. It also sells a human resources information system in the health care, forestry, manufacturing and government sectors. Under acquisition terms, the company will pay $5 million for Clinicare with an adjustment for net working capital. QHR will fund the acquisition through a $1 million loan at 14% interest over four years, company operations and additional equity investments.
Clinicare serves approximately 1,200 physicians in mid-sized practices. QHR expects the acquisition to generate about $3.25 million in recurring revenue in 2010. Combined, the companies serve more than 3,000 physicians across Canada. The companies have competed for six years and now can use their duplicate development funds to expand marketing and customer service, says Al Hildebrandt, QHR's president and CEO.
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