The acquisition adds new clients while
enhancing Strategic Sourcing activities
in the U.S.
MONTRÉAL, Nov. 2, 2020 /CNW/
- mdf commerce inc. ("mdf commerce") (TSX: MDF), a
leader in SaaS commerce technology solutions, announced today that
it has entered into an agreement, through its wholly-owned
subsidiary, for the acquisition of substantially all of the assets
of Vendor Registry, Inc. ("Vendor Registry"), a provider of
strategic sourcing solutions in the
United States. This acquisition aligns well with the 5-year
strategic plan produced by mdf commerce during fiscal
year 2020.
This acquisition adds close to 400 buyers and 70,000 suppliers
nationally to the mdf commerce Strategic Sourcing Platform,
strengthening the company's position in 10 states and expanding its
agency client base to 14 new states. mdf commerce is also
pleased to welcome Chris Van Beke to
the team, who will join as Vice President, Channel Development,
Strategic Sourcing at mdf commerce.
"We are extremely pleased to welcome Vendor Registry into the
mdf commerce family," said Mark
Eigenbauer, President, Strategic Sourcing at mdf
commerce. "We are impressed with the presence they have
established in recent years and are excited to join forces.
Together, our existing strategic sourcing solution and Vendor
Registry serve 3,500 agencies and over 300,000 suppliers, with
agency clients now covering 42 states. With this acquisition, our
Strategic Sourcing solutions will be able to reach new markets and
expand our offering, which will benefit both buyers and
suppliers."
"We are excited to join forces with mdf commerce," said
Chris Van Beke, Co-founder and CEO
at Vendor Registry. "Our goal has always been to offer the
easiest-to-use possible procurement service with industry-leading
support to our clients. Coupled with the excellent product breadth
and continuous growth of the mdf commerce Strategic
Sourcing solutions, we will now be able to offer new opportunities
to all participating agencies and suppliers in the United States."
The total consideration for the acquisition is USD $5.25 million payable in cash, subject to certain
purchase price adjustments. The closing of the acquisition
is subject to certain standard conditions and is expected to take
place on or about November 16,
2020.
About mdf commerce inc.
mdf commerce inc. (TSX:MDF), formerly known as Mediagrif
Interactive Technologies Inc., enables the flow of commerce by
providing a broad set of SaaS solutions that optimize and
accelerate commercial interactions between buyers and sellers. Our
platforms and services empower businesses around the
world, allowing them to generate billions of dollars in
transactions on an annual basis. Our strategic sourcing, unified
commerce and emarketplace platforms are supported by a strong and
dedicated team of more than 600 employees based in Canada, the United
States, Denmark,
Ukraine and China. For more information, please visit us
at mdfcommerce.com, follow us on LinkedIn or call at
1–877-677-9088.
About Vendor Registry, Inc.
Based in Knoxville, Tennessee,
Vendor Registry serves over 400 public agencies and over 70,000
vendors across the United States.
Vendor Registry's mission is to streamline the purchasing process
for cities, counties, utilities, higher education and school boards
in order to generate new revenues for vendors and suppliers,
decrease costs for government and institutional purchasing
departments and save valuable time for all parties
involved.
This press release contains certain forward-looking
statements with respect to the Company. These forward-looking
statements, by their nature, necessarily involve risks and
uncertainties that could cause actual results to differ materially
from those contemplated by these forward-looking statements. We
consider the assumptions on which these forward-looking statements
are based to be reasonable, but caution the reader that these
assumptions regarding future events, many of which are beyond our
control, may ultimately prove to be incorrect since they are
subject to risks and uncertainties that affect us. We disclaim any
intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as required by applicable securities
legislation. All amounts are in Canadian dollars.
SOURCE mdf commerce inc.
