Kelowna-based QHR Technologies Inc. (TSX-V:QHR) has completed its acquisition of the financial software division of Winnipeg-based Momentum Healthware Inc. for $5 million.
The acquisition will add to QHR's payroll, scheduling and human resource software division. QHR said it plans to retain all the staff from the acquisition.
The deal is expected to add approximately $3.5 million to QHR's revenue in 2009 and approximately $1.5 million of annual recurring revenue.
As part of the deal, Charles LaFleche, Momentum's founder, will take on an executive role with QHR.
Meanwhile, a Chinese subsidiary of North Vancouver-based Open EC Technologies Inc. (TSX-V:OCE) plans to sell its Chinese operations for $850,000 in cash. As part of the deal, 11.4 million Open EC shares will be returned to the company and cancelled, reducing the number of outstanding shares to 45.1 million from 56.5 million.
Open EC is selling its Chinese operations due to the sudden decline in business contract development in China.
The company said the sale will improve Open EC's working capital, reduce operational costs and increase shareholder equity by 20%.