LONGUEUIL, QC, June 11, 2019 /CNW Telbec/ - Mediagrif Interactive Technologies Inc. (TSX: MDF), a Canadian leader in information technology, announces today the sale of LesPAC Network Inc. (« LesPAC ») to Trader Corporation. The transaction is for a total cash consideration of $19 million, subject to customary adjustments. A transition period is planned to ensure continuity in the operations.
"It's with confidence for the future of this line of business that we are selling LesPAC to Trader" stated Mr. Paul Bourque, acting President and Chief Executive Officer and Chief Financial Officer at Mediagrif.
"The LesPAC platform is very well established and anchored within the Quebec economy, thanks to the talent and dedication of the employees who have worked there over the years. Trader will have the opportunity to count on a very talented team who understands how to innovate in a constantly evolving industry. On behalf of Mediagrif, I would like to sincerely thank LesPAC employees for their commitment and hard work year after year and I wish them all the best. I know they will continue to make the LesPAC brand shine alongside the Trader team" added Mr. Bourque.
This transaction represents a first step in the execution of Mediagrif's strategic plan. In fact, the Company's management has conducted a strategic review of operations in recent months. As a result of this analysis, the decision was made to refocus the Company's operations on its B2B business segments.
"We are convinced that the sale of our B2C assets represents the best avenue to ensure their sustainability and also to allow the Company to better focus efforts and investments in B2B business sectors, which have contributed to our success and are our strength. Our strategic sourcing and unified commerce solutions offer strong growth potential, and will be the focus of our efforts." said Paul Bourque.
ABOUT MEDIAGRIF INTERACTIVE TECHNOLOGIES INC.
Mediagrif Interactive Technologies Inc. (TSX: MDF) is a Canadian leader in information technology offering strategic sourcing and unified commerce solutions as well as B2B and B2C marketplaces. Mediagrif's solutions are used by millions of consumers and businesses in North America and around the world. The Company has offices in Canada, the United States, Denmark, Ukraine and China. For more information, please visit us at https://www.mediagrif.com or call 1-877-677-9088.
SOURCE Mediagrif Interactive Technologies Inc.
For further information: Mediagrif Interactive Technologies Inc., André Leblanc, Vice-president, Marketing, 450 449-0102 ext.8220, firstname.lastname@example.org