In a deal expected to add $4 million in annual revenue, Ottawa’s In-Touch Survey Systems announced Thursday it had acquired Montreal-based customer experience measurement firm Statopex.
“We are very pleased to acquire such a long standing and respected company in the industry,” In-Touch president and CEO Cameron Watt said in a statement. “In addition to the strong customer base, we expect this acquisition to bring significant synergies and sales opportunities across our product lines.”
The deal is worth $1.6 million, $1.3 million to be paid upon closing and another $150,000 per year for the next two years based on meeting revenue targets. It also included 600,000 In-Touch shares at a price of 28 cents per share.
Statopex founder and past president Daniel Chailler said his company’s future is bright under In-Touch’s larger umbrella.
“Having the additional resources of In-Touch will allow Statopex to continue to grow by offering an even broader suite of products and services to its customer base,” Mr. Chailler said in a statement.
Mr. Watt said the acquisition aligns with In-Touch’s growth strategy focusing on the Software-as-a-Service market.
“We have not only acquired additional revenue and cash flow which may be invested in our products and services, but also a customer base to whom we will be able to sell additional products and services including our SaaS offerings," he said.
In-Touch’s executive chairman, Michael Gaffney, also announced the board has approved granting options to purchase up to 300,000 shares in the company. The majority of the options, valid until Sept. 30, 2020, are being granted to newly-acquired employees of Statopex, the company said.
Meanwhile, Mr. Watt also announced In-Touch’s director of customer experience, David Newby, has been promoted to vice-president, human resources and customer experience.
"As the organization grows it is important that we add roles and responsibilities as required to keep us both agile and competitive,” Mr. Watt said. “We are at a point where a stronger focus on human resource management was required and we are pleased to have someone of Dave's talents in this position as we look to the future."