Together, Montreal-based MDF and Austin, Texas-based Periscope Intermediate will serve over 6,000 Canadian and U.S. government agencies and have a combined revenue of $115.7 million. Investissement Québec, along with the investment arms of two of the province’s union federations, have all invested in MDF. (The Logic)
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Together, Montreal-based MDF and Austin, Texas-based Periscope Intermediate will serve over 6,000 Canadian and U.S. government agencies and have a combined revenue of $115.7 million. Investissement Québec, along with the investment arms of two of the province’s union federations, have all invested in MDF. (The Logic)
Talking point: With the purchase, MDF gains a significant foothold in the United States, where government agencies use Periscope’s network to transfer about US$20 billion in procurement funds every year. The company reported US$64.02 million in first quarter revenue, an increase of nearly 13 per cent from the first quarter the year before according to PitchBook data. Periscope’s acquisition price is comparable to MDF’s US$265.97-million market capitalization. The company said a bought-deal financing and private placement will help finance the transaction. MDF shares fell nearly 10 per cent on the Toronto Stock Exchange Thursday afternoon.
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