Biosign Technologies is pleased to announce the execution of a Share Purchase Agreement under which it has agreed to acquire 100% of the issued and outstanding shares of Saint John NB based IBL Internet Business Logic, a practice management software developer and creator of ClinicServer and PencilThat software platforms.
Founded in 1998, IBL offers integrated clinic management software on a cloud-based 'software as a service' platform. Their ClinicServer solution is deployed to manage over 250 clinics in Canada and the United Kingdom, and is being used by physiotherapists, chiropractors, naturopaths and similar allied health professionals.
Their newly developed PencilThat internet-based self-scheduling application is complete and ready for launch. IBL has 7 employees in Saint John, New Brunswick
Biosign will operate IBL as a wholly-owned subsidiary, while updating and integrating features from the ClinicServer and PencilThat platforms into the next iteration of our Healthanywhere comprehensive healthcare software system.
The total purchase price of $1.96m will be satisfied by way of payment of $75,000 in cash, and by the issuance of 36,000,000 common shares of Biosign at an ascribed price of $0.05 per share, being a premium to the market price at the execution date of the SPA. This transaction is subject to receipt of all necessary regulatory and mandatory government approvals.
The common shares to be issued to the vendors in connection with this transaction will be subject to a regulatory hold period of 4 months and 1 day while certain selling activities are contractually restricted over a 24-month period. It is the intention of management that no new "Control Person" (as such term is defined by the TSX Venture Exchange) of the Company be created as a result of this transaction.
Biosign CEO Robert Kaul commented: "We are pleased to announce this acquisition and welcome the team at ClinicServer to the Biosign family. Biosign is in the business of delivering value to health care providers by supplying innovative software solutions. The ClinicServer platform developed by IBL Internet Business Logic has been embraced by a growing number of allied health clinics in Canada and the United Kingdom.
"Our team will now integrate Biosign's unique Pulsewave vital sign monitoring technology into ClinicServer, and the improved system will be offered to IBL's client base as a value-added upgrade. Meanwhile, Biosign will install IBL software systems as part of the $6 million software project that Biosign announced on December 27th, 2013. These examples of early synergy prove that together, Biosign and IBL are well placed to grow quickly as an integrated technology leader in the healthcare clinic management industry around the world."