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.
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