HTN Inc. (TSXV:HTN) is buying privately held medical office automation software developer Advanced Computer Systems Ltd. for an undisclosed amount.
HTN said the purchase of its longtime competitor in the design, development and sale of medical office and clinic automation software is expected to boost its annual revenues by 65 per cent.
"With the obvious synergies created with the merger of the two companies, we also expect additional growth in revenues by cross-selling existing skill sets to each other's client bases," HTN president and CEO Gary Babcock said in a statement.
In connection with the deal, HTN will issue $250,000 worth of stock and plans to consolidate its debt in a single note.
All of ACSL's current employees, including the owners of the company, will join HTN's staff.
HTN, or Health Transaction Network, produces software for health-care transaction networks in Ontario.