QHR Acquires Financial Software Division of Momentum Healthware

Friday, January 16th, 2009

QHR Software Inc. has purchased the Financial Software division of Momentum Healthware. QHR Software is thrilled to be part of the same family that is now one of the largest Canadian Health Informatics companies.

Under the Agreement, QHR Software is acquiring all the business and operating assets of Momentum’s Financial Software Division (the ‘Division’). This Division is a market leader in providing customized financial software to the healthcare industry, built on the Microsoft Dynamics GP (formerly Great Plains) platform. This software, currently known as Momentum Financials, is marketed to medium and large healthcare facilities – the same market segment that QHR targets with its payroll, scheduling and human resource management software called Quadrant HR™.

In announcing the purchase, Al Hildebrandt, President and CEO of QHR Software, said:

“Momentum and QHR have worked together as partners since the inception of our two companies, serving a common client base. The acquisition of the Financial Software Division gives QHR the opportunity to become the dominant force in providing a comprehensive enterprise management software solution to the healthcare market. I am delighted with the acquisition, particularly because Charles LaFleche, the founder of Momentum, will be taking an executive management role with QHR.”

Glenn Tinkler, President and CEO of Momentum Healthware said,

“When we decided to focus our strategy on our clinical software division and to divest our Financial Software Division, it was important that we placed the business with the right partner. We have had a long relationship with QHR and we are pleased that they have agreed to the purchase. We know our clients will be well served and that we will continue to work with QHR on future initiatives in the healthcare market.”

They will be merged with QHR Software under the leadership of its COO, Larry Smith, who recently joined QHR Software (see recent announcement). Clients will have the same support and service relationships, making for a smooth transition.

All of the staff at Momentum currently involved with the Division will join QHR and remain at their Winnipeg office. Additionally, QHR will be opening a Winnipeg office, adjacent to the current Momentum offices, to allow for further expansion of the company.

Both QHR and Momentum are Microsoft Gold software developer partners. Momentum and Quadrant HR™ systems are MIS-compliant and proven in a variety of healthcare organizations.

For more information about this acquisition, please visit QHR Software’s parent company, QHR Technologies for the recent News Release.