TORONTO, ONTARIO, Sep. 3, 2009 (Marketwire) -- Constellation Software Inc. ("Constellation") (TSX:CSU) today announced that its wholly-owned subsidiary, Harris Computer Systems ("Harris"), purchased the Resource Management (RM) Business from MediSolution Ltd. ("MediSolution").
Total consideration for the transaction is approximately CDN$30 million, subject to certain purchase price adjustments and claims on representations and warranties. As a result of the purchase, Harris will assume all the customers and employees relating to the financial management, human capital management, and business intelligence solutions suites. MediSolution will operate as a separate division of Harris from its existing facilities in Montreal, Laval, and Toronto. Under the terms of the purchase, Harris also acquired the MediSolution trade name. Harris did not acquire the blood bank product business that will continue under Brookfield Asset Management.
Harris CEO Jeff Bender stated, "The RM Business is a great addition to the Harris family of solutions. We are excited to continue our expansion within both the healthcare vertical and within the province of Quebec. MediSolution provides tremendous market share and brand recognition in Quebec and an opportunity for growth within the rest of Canada."
MediSolution CEO Paul Lepage commented "Harris provides an excellent home for our customers and our employees. Harris has a proven track record of committing to the businesses it acquires - including continued investment in employees and product lines. The MediSolution leadership team is confident in the success of the RM Business under the leadership of Harris."
Daniel Desaulniers, General Manager of Harris' Quebec operations remarked "The RM Business provides its customers with a robust suite of products and value added services, and a solid track record of customer satisfaction. We are pleased to add the leadership team of Medisolution, a team that will remain focused on growing the RM Business."
Constellation's common shares are listed on the Toronto Stock Exchange under the symbol "CSU". Constellation Software is an international provider of market leading software and services to a number of industries across both the public and private sectors. Constellation acquires, manages and builds vertical market software businesses that provide mission-critical software solutions to address the specific needs of its customers in those industries.
Harris is a wholly owned subsidiary of Constellation and is a leading provider of financial management and Customer Information Systems (CIS) software solutions. Since 1976, Harris has focused on providing feature-rich and robust turnkey solutions to all levels of local government, public power and water entities as well as school districts throughout North America. Harris' focus is on creating long-term relationships with our customers and ensuring that we meet the changing needs of our customers over time. For further information on Harris Computer Systems, please visit our website at http://www.harriscomputer.com, or call 888-847-7747.
Forward Looking Statements
Certain statements herein may be "forward looking" statements that involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Constellation or the industry to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These statements reflect current assumptions and expectations regarding future events and operating performance and speak only as of the date hereof. Forward looking statements involve significant risks and uncertainties, should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether or not such results will be achieved. A number of factors could cause actual results to vary significantly from the results discussed in the forward looking statements. These forward looking statements are made as of the date hereof and Constellation assumes no obligation to update any forward looking statements to reflect new events or circumstances.