Innovative Financing for M&A CALGARY, Alberta, May 11, 2021 (GLOBE NEWSWIRE) -- Quorum Information Technologies Inc. (TSX Venture: QIS) ("Quorum"), a leading provider of SaaS-based software technology to the automotive industry, announced today that the Government of Canada, through the Atlantic Canada Opportunities Agency (“ACOA”), is providing a $500,000 interest free, repayable investment to assist Quorum in pursuing new business partnerships, mergers and acquisitions.
Maury Marks, Quorum’s President and CEO stated, “Quorum has grown both organically and through partnerships and acquisitions. Having completed 3 acquisitions in the last 4 years, Quorum now delivers its products to over 1,000 North American automotive dealerships and 30% of the Canadian franchised dealerships have at least one Quorum product installed in their dealership. With the support of the Government of Canada, we can continue to enhance our leadership position in the automotive software market.”
“Innovative companies that provide tech-based solutions support business growth across all sectors of our economy. Strategic investments in companies such as Quorum Information Systems help them accelerate growth and contribute to a strong, resilient Atlantic Canadian economy,” stated the Honourable Mlanie Joly, Minister of Economic Development and Official Languages and Minister responsible for ACOA.
“The tech industry in Newfoundland and Labrador is creative, innovative, and determined to grow even bigger. Investing in Quorum supports growth, creates jobs, and shows, once again, that we’re ready to take on the world,” stated the Honourable Seamus O’Regan, Minister of Natural Resources and Member of Parliament for St. John’s South-Mount Pearl.