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Tequity Inc. is pleased to announce that their client, Logitek Technology Ltd. (“QLogitek”), a wholly owned subsidiary of Smart Employee Benefits Inc. (“SEB”) (TSX VENTURE: SEB), has entered into an agreement with DiCentral Corporation (“DiCentral”) to jointly service the Canadian Electronic Data Interchange (“EDI”) market.
As part of this transaction, DiCentral has acquired QLogitek’s EDI business, including all existing IP and support infrastructure in Canada, for $2,150,000. On closing, SEB received $1,000,000 cash with $750,000 cash payable on or before January 15, 2015 and the remaining $400,000 payable over 24 months in varying amounts in 6 month intervals.
QLogitek will operate as a strategic partner-reseller of DiCentral’s EDI solutions. DiCentral is co-locating at QLogitek’s offices in Mississauga, Ontario. QLogitek personnel will continue to support existing clients in the same infrastructure. Over time, select applications will be migrated to DiCentral solutions. SEB will also deploy DiCentral’s EDI technology solutions in SEB’s health benefits administration and health claims processing environments. QLogitek’s “EDI” business was approximately 35% of its total sales. Tequity acted as the exclusive advisor to SEB
ABOUT DiCENTRAL: Founded in 2000, DiCentral is a leading innovator in supply chain management solutions and B2B integration. DiCentral provides B2B outsourcing and managed services in the cloud, using state of the art technology to manage transaction flow, process orchestration, and business rules with a global team to manage their clients’ global eco system needs. Based in Houston, Texas, DiCentral services clients in over 27 countries around the globe.
ABOUT SEB: SEB’s core expertise is managing specialized Big Data environments, of which healthcare and benefits claims processing is a major focus. SEB uses a SaaS business model to provide software solutions and services specializing in managing group benefit solutions and healthcare claims processing environments for corporate and government clients. In the employee group benefits industry, SEB operates as a Third Party Administrator and Insurance Brokerage utilizing its software platform to provide “totally hosted PCI compliant supply chain solutions” for managing the complete group benefits business processes between insurers, clients, brokers, consultants, technology service providers and healthcare service providers. In healthcare claims processing, SEB also operates as a systems integrator utilizing its technology platform together with other technologies and specialized practice expertise to provide customized, fully integrated solutions for unique claims environments (e.g. travel claims, student benefits, hospitals, unique government applications etc.). The technology and expertise deployed in this area also allows SEB to provide other related supply chain, systems integration and human resource solutions and services to the same clients. SEB has unique expertise in tying legacy systems data to new systems environments while providing real time integrated access to the legacy systems data.