Kelowna-based QHR Technologies Inc. (TSX-V:QHR) plans to acquire Clinicvalut Inc., a Calgary company that provides data-hosting services for the electronic medical records market.
The acquisition will expand sales opportunities for QHR's Optimed Software Corp. subsidiary, which operates in the same market as Clinicvault. As part of the deal, QHR will acquire all of Clinicvault's assets, including its enterprise class data hosting centre.
QHR will issue 600,000 shares for Clinicvault and assume $350,000 in long-term debt.
The deal will add approximately $600,000 to QHR's revenue and increase the company's annual total to roughly $4.5 million.