Announcement • Mar 14
Quisitive Technology Solutions, Inc. Common Shares to Be Deleted from OTC Equity Quisitive Technology Solutions, Inc. Common Shares (Canada) will be deleted from OTC Equity effective March 13, 2025, due to Acquisition /Merger /Amalgamation. Announcement • Mar 13
Quisitive Technology's Shares to Be Delisted from the TSX Venture Exchange Quisitive Technology Solutions, Inc. announced the successful completion of the previously announced plan of arrangement under the Business Corporations Act (British Columbia) (the “Transaction”) pursuant to which, among other things, an affiliate of funds managed by of H.I.G. Capital (the “Purchaser”) acquired all of the issued and outstanding common shares of Quisitive (the “Shares”) for CAD 0.57 per Share in cash, other than Shares previously held by certain employees who entered into rollover agreements. The Company received the final order from the Supreme Court of British Columbia approving the Transaction on March 4, 2025, and the Shares are expected to be delisted from the TSX Venture Exchange after the end of trading on March 12, 2025. The Purchaser intends to cause Quisitive to submit an application to cease to be a reporting issuer under applicable Canadian securities laws. Announcement • Mar 12
H.I.G. Capital, LLC completed the acquisition of Quisitive Technology Solutions, Inc. (TSXV:QUIS) in equity reinvestment transaction. H.I.G. Capital, LLC entered into an agreement to acquire Quisitive Technology Solutions, Inc. (TSXV:QUIS) for CAD 170 million in equity reinvestment transaction on December 31, 2024. Under the terms of the agreement, shareholders will receive CAD 0.57 per Share in cash. The rollover shareholders will roll certain of their shares in the Quisitive Technology Solutions for equity interests in H.I.G and an affiliated entity of H.I.G. All rollovers will occur at a value per share equal to the cash purchase price. The purchase price of the transaction represents a total equity value of approximately CAD 169.1 million. The Quisitive Technology Solutions expects to hold the Special Meeting of shareholders to consider the transaction in March 2025.
The transaction has been unanimously approved by Quisitive Technology board of directors. The transaction is subject to Quisitive Technology shareholder approval, approval of the Supreme Court of British Columbia, in addition to certain regulatory approvals and closing conditions customary to a transaction of this nature. The transaction is expected to close in the first quarter of 2025. As of February 28, 2025, Quisitive shareholders approved the transaction. Quisitive will seek a final order of the Supreme Court of British Columbia to approve the Arrangement at a hearing expected to be held on March 4, 2025. The arrangement is expected to close on or about March 11, 2025, provided all the customary closing conditions set forth in the agreement governing the Arrangement are satisfied or waived.
Tana Ryan, Noah Beck, Amanda Rotkel, Max Scott, Olivia J. Greer, Rebecca Sivitz, Benton Lewis, Jasmine Rosner, Carla A. R. Hine, Ariel Kronman, Dan S. Nobil and Navneeta Rekhi of Weil, Gotshal & Manges LLP and John Leopold and David Massé of Stikeman Elliott LLP acted as legal advisors to H.I.G. Capital. William Blair & Company, L.L.C. and Canaccord Genuity Corp. acted as financial advisor and fairness opinion provider to Quisitive Technology Solutions. Jay Goldman and Lindsay Clements of Cassels Brock & Blackwell LLP and J. Page Davidson and S. Ryan Hoffman of Bass, Berry & Sims PLC acted as legal counsel to the Quisitive Technology Solutions. Laurel Hill Advisory Group acted as information agent to Quisitive Technology. Guggenheim Securities LLC acted as financial advisor to H.I.G. Capital.
H.I.G. Capital, LLC completed the acquisition of Quisitive Technology Solutions, Inc. (TSXV:QUIS) in equity reinvestment transaction on March 11, 2025. Quisitive's management team, headed by CEO Mike Reinhart, will continue to lead the Company. Quisitive Technology Solutions received the final order from the Supreme Court of British Columbia approving the transaction on March 4, 2025, and the shares are expected to be delisted from the TSX Venture Exchange after the end of trading on March 12, 2025. Price Target Changed • Jan 07
Price target decreased by 10% to CA$0.57 Down from CA$0.64, the current price target is an average from 7 analysts. New target price is approximately in line with last closing price of CA$0.56. The company is forecast to post earnings per share of US$0.0066 next year compared to a net loss per share of US$0.031 last year. Announcement • Jan 03
H.I.G. Capital, LLC entered into an agreement to acquire Quisitive Technology Solutions, Inc. (TSXV:QUIS) for CAD 170 million in equity reinvestment transaction. H.I.G. Capital, LLC entered into an agreement to acquire Quisitive Technology Solutions, Inc. (TSXV:QUIS) for CAD 170 million in equity reinvestment transaction on December 31, 2024. Under the terms of the agreement, shareholders will receive CAD 0.57 per Share in cash. The rollover shareholders will roll certain of their shares in the Quisitive Technology Solutions for equity interests in H.I.G and an affiliated entity of H.I.G. All rollovers will occur at a value per share equal to the cash purchase price. The purchase price of the transaction represents a total equity value of approximately CAD 169.1 million. The Quisitive Technology Solutions expects to hold the Special Meeting of shareholders to consider the transaction in March 2025.
The transaction has been unanimously approved by Quisitive Technology board of directors. The transaction is subject to Quisitive Technology shareholder approval, approval of the Supreme Court of British Columbia, in addition to certain regulatory approvals and closing conditions customary to a transaction of this nature. The Transaction is expected to close in the first quarter of 2025.
Weil, Gotshal & Manges LLP and Stikeman Elliott LLP acted as legal advisors to H.I.G. Capital. William Blair & Company, L.L.C. and Canaccord Genuity Corp. acted as financial advisor and fairness opinion provider to Quisitive Technology Solutions. Cassels Brock & Blackwell LLP and Bass, Berry & Sims PLC acted as legal counsel to the Quisitive Technology Solutions. New Risk • Jan 02
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Canadian stocks, typically moving 15% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (15% average weekly change). Market cap is less than US$100m (CA$104.0m market cap, or US$72.2m). Reported Earnings • Nov 26
Third quarter 2024 earnings: EPS and revenues miss analyst expectations Third quarter 2024 results: EPS: US$0.001 (up from US$0.002 loss in 3Q 2023). Revenue: US$30.7m (down 31% from 3Q 2023). Net income: US$397.0k (up US$1.33m from 3Q 2023). Profit margin: 1.3% (up from net loss in 3Q 2023). Revenue missed analyst estimates by 1.4%. Earnings per share (EPS) also missed analyst estimates by 70%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Software industry in Canada. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 29% per year, which means it is significantly lagging earnings. Announcement • Nov 26
Quisitive Technology Solutions, Inc. Provides Revenue Guidance for Fiscal Year 2024 Quisitive Technology Solutions, Inc. provided revenue guidance for fiscal year 2024. For the year, the company expects Revenue from Continuing Operations of $119,000,000 to $121,000,000. Announcement • Nov 12
Quisitive Technology Solutions, Inc. to Report Q3, 2024 Results on Nov 25, 2024 Quisitive Technology Solutions, Inc. announced that they will report Q3, 2024 results at 4:00 PM, US Eastern Standard Time on Nov 25, 2024 Announcement • Aug 23
Quisitive Technology Solutions, Inc. Reaffirms Earnings Guidance for the Fiscal Year 2024 Quisitive Technology Solutions, Inc. reaffirmed earnings guidance for the fiscal year 2024. For the year, the company expected revenue from continuing operations of $120,000,000 to $130,000,000. Price Target Changed • Aug 22
Price target increased by 7.9% to CA$0.65 Up from CA$0.60, the current price target is an average from 8 analysts. New target price is 66% above last closing price of CA$0.39. Stock is up 18% over the past year. The company is forecast to post earnings per share of US$0.013 next year compared to a net loss per share of US$0.031 last year. Reported Earnings • Aug 21
Second quarter 2024 earnings released: US$0.006 loss per share (vs US$0.009 loss in 2Q 2023) Second quarter 2024 results: US$0.006 loss per share (improved from US$0.009 loss in 2Q 2023). Revenue: US$29.6m (down 35% from 2Q 2023). Net loss: US$1.90m (loss narrowed 41% from 2Q 2023). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Software industry in Canada. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 36% per year, which means it is significantly lagging earnings. Breakeven Date Change • Aug 21
Forecast breakeven date pushed back to 2025 The 8 analysts covering Quisitive Technology Solutions previously expected the company to break even in 2024. New consensus forecast suggests losses will reduce by 84% to 2024. The company is expected to make a profit of US$4.41m in 2025. Average annual earnings growth of 168% is required to achieve expected profit on schedule. Announcement • Aug 07
Quisitive Technology Solutions, Inc. to Report Q2, 2024 Results on Aug 20, 2024 Quisitive Technology Solutions, Inc. announced that they will report Q2, 2024 results on Aug 20, 2024 Announcement • Jun 25
Quisitive Technology Solutions, Inc., Annual General Meeting, Aug 14, 2024 Quisitive Technology Solutions, Inc., Annual General Meeting, Aug 14, 2024. Announcement • May 24
Quisitive Technology Solutions, Inc. Provides Financial Guidance for Fiscal Year 2024 Quisitive Technology Solutions, Inc. provided financial guidance for fiscal year 2024. The company expects fiscal year 2024 revenue from continuing operations of $120,000,000 to $130,000,000. Announcement • May 11
Quisitive Technology Solutions, Inc. to Report Q1, 2024 Results on May 22, 2024 Quisitive Technology Solutions, Inc. announced that they will report Q1, 2024 results on May 22, 2024 Breakeven Date Change • May 02
Forecast breakeven date moved forward to 2024 The 8 analysts covering Quisitive Technology Solutions previously expected the company to break even in 2025. New consensus forecast suggests the company will make a profit of US$825.0k in 2024. Earnings growth of 144% is required to achieve expected profit on schedule. Reported Earnings • May 01
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: US$0.031 loss per share (further deteriorated from US$0.023 loss in FY 2022). Revenue: US$121.2m (down 35% from FY 2022). Net loss: US$11.7m (loss widened 40% from FY 2022). Revenue missed analyst estimates by 33%. Earnings per share (EPS) also missed analyst estimates. Revenue is forecast to grow 8.1% p.a. on average during the next 2 years, compared to a 18% growth forecast for the Software industry in Canada. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 43% per year, which means it is significantly lagging earnings. Announcement • Apr 20
Quisitive Technology Solutions, Inc. Announces Executive Appointments Quisitive Technology Solutions, Inc. announced the appointment of Dan Kunz as its Executive Vice President of its Microsoft Cloud and AI Global Delivery Organization effective April 15, 2024. Dan joins Lane Sorgen, Executive Vice President of Sales and Marketing as leaders of Quisitive Cloud and AI Solutions. Dan brings over 25 years of portfolio expansion, customer relations, global talent management, P&L management, sales, and operations experience across the IT services industry. Most recently, he served as Managing Director at Accenture where he spearheaded multiple modernization programs including cloud and business transformation. Prior to that, Dan was a Partner at IBM where he led multiple cloud adoption and migration programs. He holds an MBA in Technology Management from the University of Phoenix. Dan will lead delivery of solutions and services to customers with a focus on customer satisfaction, technical expertise, and innovative service offerings. Lane also brings over 25 years of experience with prior roles as Regional Vice President at Microsoft. He has a depth of experience leading sales organizations, driving offers to market, and navigating the Microsoft ecosystem. Lane will lead the sales and marketing organization for Quisitive with an integrated go-to-market strategy, including oversight of AI innovation, industry transformation, and Microsoft partnership. Lane and Dan will work symbiotically in lockstep to elevate Quisitive’s Cloud Solutions strategy, operations, and execution. Dan Kunz will report to Mike Reinhart, becoming part of the Quisitive executive team that includes Lane Sorgen, Tami Anders, Chief of Staff and Executive Vice President of People and Culture; Steven Balusek, Executive Vice President of IT and Innovation; and Scott Meriwether, Chief Financial Officer. Announcement • Apr 16
Quisitive Technology Solutions, Inc. to Report Q4, 2023 Results on Apr 29, 2024 Quisitive Technology Solutions, Inc. announced that they will report Q4, 2023 results at 4:00 PM, US Eastern Standard Time on Apr 29, 2024 Announcement • Mar 29
BUSA Acquisition Co entered into a stock purchase agreement to acquire BankCard USA Merchant Services Inc from Quisitive Technology Solutions, Inc. (TSXV:QUIS) for $76 million. Management of BankCard USA Merchant Services, Inc. and third parties entered into a stock purchase agreement to acquire BankCard USA Merchant Services, Inc. from Quisitive Technology Solutions, Inc. (TSXV:QUIS) for $76 million on March 27, 2024. Pursuant to the terms of transaction, buyers will pay $40 million in cash and issue 133 million common shares. The amount of the earn-out of $10 million payable in a combination of cash. The TSXV has conditionally approved the Transaction. William Blair & Company, L.L.C. acted as financial advisor and Bass, Berry & Sims PLC and Cassels Brock & Blackwell LLP acted as legal counsel to Quisitive Technology Solutions, Inc. (TSXV:QUIS). Stikeman Elliott LLP and Shearman & Sterling LLP acted as legal counsel to the Acquirors. McDermott Will & Emery LLP acted as legal counsel to the Lenders. BankCard will continue to be led by Shawn Skelton as CEO, Scott Hardy as President, and Jason Hardy as COO, with Felix Danciu joining as CFO. William Hui-Chung Chang will also join as Chairman and both Vijay Jog and Gary Prioste as board members, pursuant to the terms of which the Lenders will provide the Acquiror with up to an aggregate of US$49 million of senior secured debt financing. The BUSA Credit Facilities consist of a US$44 million senior secured term loan (the “BUSA Term Loan”), a portion of which will be advanced to fund the cash portion payable in connection with Transaction, in addition to the four executives as board members. Completion of the Transaction is expected to occur on or before April 30, 2024. Breakeven Date Change • Mar 29
Forecast breakeven date pushed back to 2025 The 8 analysts covering Quisitive Technology Solutions previously expected the company to break even in 2024. New consensus forecast suggests losses will reduce by 71% per year to 2024. The company is expected to make a profit of US$5.43m in 2025. Average annual earnings growth of 114% is required to achieve expected profit on schedule. Announcement • Jan 30
Fulcrum IT Partners completed the acquisition of PayiQ, Inc. from Quisitive Technology Solutions, Inc. (TSXV:QUIS) for $45 million. Fulcrum IT Partners entered into an agreement to acquire PayiQ, Inc. from Quisitive Technology Solutions, Inc. (TSXV:QUIS) on November 28, 2023. The consideration for the sale of the PayiQ subsidiary will consist of the issuance of 27,000 preferred shares of Fulcrum Payments to Quisitive. On the third anniversary of the effective date of the Transaction, the Consideration Shares shall be automatically converted into common shares of Fulcrum Payments with a value equal to $1,000 per share, provided that the common shares of Fulcrum are listed and posted for trading on a recognized stock exchange in Canada or the United States. Quisitive may also be entitled to additional contingent consideration in the form of performance earn-outs if PayiQ achieves certain financial thresholds during the three-year period following the closing of the Transaction. The amount of the earn-out is a maximum of $18,000,000 payable in cash based on PayiQ exceeding revenue growth targets. If Fulcrum’s common shares are not publicly traded at such time, Quisitive shall have the right to require Fulcrum to purchase all or a portion of the Consideration Shares for a purchase price equal to $1,000 per share, for aggregate consideration of up to $27 million. Completion of the Transaction is subject to a number of standard conditions and is expected to close on or about December 31, 2023. Jordan Taylor of Holland & Knight LLP acted as legal advisor to Fulcrum Payment Solutions, Inc.
Fulcrum IT Partners completed the acquisition of PayiQ, Inc. from Quisitive Technology Solutions, Inc. (TSXV:QUIS) on January 29, 2024. Price Target Changed • Dec 02
Price target decreased by 18% to CA$0.72 Down from CA$0.88, the current price target is an average from 8 analysts. New target price is 161% above last closing price of CA$0.28. Stock is down 49% over the past year. The company is forecast to post a net loss per share of US$0.014 next year compared to a net loss per share of US$0.023 last year. Reported Earnings • Dec 01
Third quarter 2023 earnings released: US$0.002 loss per share (vs US$0.005 loss in 3Q 2022) Third quarter 2023 results: US$0.002 loss per share (improved from US$0.005 loss in 3Q 2022). Revenue: US$44.4m (down 9.1% from 3Q 2022). Net loss: US$934.0k (loss narrowed 50% from 3Q 2022). Revenue is forecast to grow 7.6% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Software industry in Canada. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has fallen by 34% per year, which means it is significantly lagging earnings. Announcement • Nov 29
Fulcrum IT Partners entered into an agreement to acquire PayiQ, Inc. Fulcrum IT Partners entered into an agreement to acquire PayiQ, Inc. on November 28, 2023. The consideration for the sale of the PayiQ subsidiary will consist of the issuance of 27,000 preferred shares of Fulcrum Payments to Quisitive. Quisitive may also be entitled to additional contingent consideration in the form of performance earn-outs if PayiQ achieves certain financial thresholds during the three-year period following the closing of the Transaction. The amount of the earn-out is a maximum of US$18,000,000 payable in cash based on PayiQ exceeding revenue growth targets. Completion of the Transaction is subject to a number of standard conditions and is expected to close on or about December 31, 2023. Announcement • Nov 21
Quisitive Technology Solutions, Inc. to Report Q3, 2023 Results on Nov 29, 2023 Quisitive Technology Solutions, Inc. announced that they will report Q3, 2023 results on Nov 29, 2023 Announcement • Oct 13
Quisitive Technology Solutions, Inc. Announces Directors Appointments Quisitive Technology Solutions, Inc. announced the appointment of two new directors to the board of directors of the Company, effective immediately. The Company welcomes Nick Lim and Darcy Morris as directors of the Company as the result of a process to refresh the Board in light of concerns raised by certain shareholders of the Company. Additionally, Phil Sorgen has resigned. As a result of the changes to the Board, the Board is comprised of six directors: Mike Reinhart, the CEO; and five directors the Board has determined to be independent: Dave Guebert (Audit Chair), Laurie Goldberg, Amy Brandt, Nick Lim and Darcy Morris. Nick Lim is a Managing Director of FAX Capital Corp. which he joined in 2019, and has approximately 20 years of experience in the financial services industry. Prior to joining FAX, Mr. Lim spent two years with Hamblin Watsa Investment Counsel, Fairfax Financial Holdings Limited’s investment management subsidiary, where he served as Vice President focused on private investments, credit investments and real estate. Prior to that, Mr. Lim served seven years at Brookfield Asset Management in the private equity group and public securities group as a member of their respective investment teams. While at Brookfield, Mr. Lim was involved in the turnaround of North American Palladium, a publicly-listed specialty metals company. Mr. Lim is currently a board member of Carson Dunlop & Associates Ltd., a leading home inspection services and technology platform, and previously sat on the boards of Toys “R” Us Canada and Trisura Guarantee Insurance Company. Mr. Lim graduated from the University of Toronto with a Bachelor in Applied Science (Industrial Engineering) and is a CFA Charterholder.Darcy Morris has served as the Chief Executive Officer and Co-President of Ewing Morris & Co. Investment Partners (“Ewing Morris”) since co-founding the company in 2011. Darcy is currently on the board of directors of The Caldwell Partners International Inc. and previously served on the board of ZCL Composites Inc. and Cedar Realty Trust. In addition, he is the former Chair of the Art Gallery of Ontario (AGO) Foundation and former Treasurer of the Toronto Public Library Foundation. Prior to co-founding Ewing, Darcy was a Portfolio Manager at MacDougall, MacDougall & MacTier Inc. and an Associate at Burgundy Asset Management. Darcy received an Honours Bachelor of Arts (Political Studies) degree from Queen's University in 2004 and was awarded the Canadian Investment Manager designation in 2010. Announcement • Oct 05
Quisitive Technology Solutions, Inc. Announces Board Resignations Quisitive Technology Solutions, Inc. announced via press release their intention to requisition a special meeting of shareholders of the company for the purpose of removing and replacing David Guebert, Philip Sorgen and Amy Brandt as members of the board of directors of the company. Breakeven Date Change • Aug 30
Forecast to breakeven in 2024 The 8 analysts covering Quisitive Technology Solutions expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of US$4.27m in 2024. Average annual earnings growth of 142% is required to achieve expected profit on schedule. Reported Earnings • Aug 30
Second quarter 2023 earnings released: US$0.009 loss per share (vs US$0.001 loss in 2Q 2022) Second quarter 2023 results: US$0.009 loss per share (further deteriorated from US$0.001 loss in 2Q 2022). Revenue: US$45.3m (down 4.8% from 2Q 2022). Net loss: US$3.42m (loss widened US$3.09m from 2Q 2022). Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Software industry in Canada. Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has fallen by 23% per year, which means it is significantly lagging earnings. Announcement • Aug 23
Quisitive Technology Solutions, Inc. Launches Mazikcare Care Planner, A Leading-Edge Patient Treatment Pathing Application for Healthcare Providers Quisitive Technology Solutions Inc. has announced the launch of MazikCare Care Planner, a new care treatment pathing application designed to streamline patient care coordination and improve communication between healthcare providers and patients. Care Planner allows healthcare networks, from hospital chains to independent physician offices and care clinics, to set up treatment templates that enable care teams to treat patients in a pre-set structured format. The system automates follow-up tasks, reminders, and appointments, while also designating specific assessments based on the patient's treatment path. This uniform approach ensures that the care team can be more efficient in their patient-facing actions, minimizing back-end and follow-up work per patient, enabling healthcare providers to see and treat more patients each day. Care Planner is a part of Quisitive's MazikCare healthcare cloud platform and leverages Microsoft Dynamics, Azure, and Power Platform technology to provide a quick, secure, and scalable digital health solution to organizations in healthcare. This most recent launch of a new offering represents an additional use case for the powerful MazikCare suite of tools for healthcare organizations. The Company continues to listen closely to the feedback of healthcare providers and develops solutions that solve their most critical challenges by combining subject matter expertise with deep technical skills. Announcement • Aug 11
Quisitive Technology Solutions, Inc. to Report Q2, 2023 Results on Aug 29, 2023 Quisitive Technology Solutions, Inc. announced that they will report Q2, 2023 results on Aug 29, 2023 Announcement • Jul 01
Quisitive Technology Solutions, Inc. has completed a Follow-on Equity Offering in the amount of CAD 6.02 million. Quisitive Technology Solutions, Inc. has completed a Follow-on Equity Offering in the amount of CAD 6.02 million.
Security Name: Common Shares
Security Type: Common Stock
Securities Offered: 17,200,000
Price\Range: CAD 0.35
Discount Per Security: CAD 0.021
Transaction Features: Rule 144A New Risk • Jun 29
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: CA$127.3m (US$96.1m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Currently unprofitable and not forecast to become profitable next year (US$3.9m net loss next year). Shareholders have been diluted in the past year (6.3% increase in shares outstanding). Market cap is less than US$100m (CA$127.3m market cap, or US$96.1m). Announcement • Jun 22
Quisitive Technology Solutions, Inc. announced that it expects to receive CAD 6.02 million in funding from Ewing Morris & Co. Investment Partners Quisitive Technology Solutions, Inc. announced that it has entered into an agreement and bought deal private placement to issue 17,200,000 common shares at a price of CAD 0.35 per Share for the gross proceeds of CAD 6,020,000 on June 21, 2023. The transaction included participation from new investor Ewing Morris & Co. Investment Partners for CAD 5,000,000. In connection with the transaction, the Underwriters will receive a cash commission equal to 6% of the gross proceeds from the sale of the Offered Shares. The Closing of the Offering is expected to occur on or about June 30, 2023 and is subject to the approval of the TSX Venture Exchange (“TSXV”) and other necessary regulatory approvals. The Company has granted the Underwriters an option, exercisable, in whole or in part, at any time not later than the 30th day following the closing of the Offering, to purchase up to an additional 2,580,000 Offered Shares at the Issue Price for market stabilization purposes and to cover over-allotments, If the Over-Allotment Option is exercised in full, the total gross proceeds of the Offering will be approximately CAD 6,900,000. Announcement • Jun 13
Quisitive Technology Solutions, Inc. Adds Managed Detection & Response to Security Services Portfolio Quisitive Technology Solutions Inc. announced that it is adding 24x7x365 Managed Detection and Response (MDR) capabilities to its services portfolio, as an integrated service within its Spyglass Security solution and Azure Management Services solution. Quisitive has selected CRITICALSTART®? a leading partner in Microsoft Managed Extended Detection and Response (MXDR) security services program, as well as a member of the Microsoft Intelligent Security Association (MISA), as a partner to augment Quisitive's portfolio of enterprise security and compliance solutions. Security and managed services continue to be high-demand areas for enterprise customers to manage cybersecurity risks and ensure business continuity and optimal performance. MDR is a proactive approach to cybersecurity that combines advanced technology, expert analysts, and 24x7x365 threat monitoring and response activities. By submitting to Quisitive's security solutions, customers will be able to enhance visibility and protection across their endpoints, cloud, email, and filesharing. Adding MDR capabilities broadens the scope of Quisitive's security services, reduces the time to detect and respond to threats, and minimizes the impact of breaches for customers. Quisitive's Spyglass Security and Compliance solution leverages Microsoft's extensive security portfolio to reduce the complexity and cost of managing multiple security tools and vendors. In addition to implementing and maintaining security technology, Quisitive also provides customers with a dedicated team of security experts who act as an extension of their IT staff, with seamless coverage around the clock. Critical Start augments Quisitive's security offerings by adding MDR, a new security operations center (SOC), security software solutions, research capabilities, and threat hunting, all backed by deep Microsoft expertise. These added capabilities, combined with Quisitive's robust security services offerings, provide customers comprehensive protection with a centralized view of their security landscape, as well as security coaching and 24x7x365 monitoring. Reported Earnings • May 17
First quarter 2023 earnings released: US$0.006 loss per share (vs US$0.004 loss in 1Q 2022) First quarter 2023 results: US$0.006 loss per share (further deteriorated from US$0.004 loss in 1Q 2022). Revenue: US$48.3m (up 7.5% from 1Q 2022). Net loss: US$2.32m (loss widened 85% from 1Q 2022). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Software industry in Canada. Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has fallen by 16% per year, which means it is significantly lagging earnings. Announcement • May 09
Quisitive Technology Solutions, Inc. to Report Q1, 2023 Results on May 16, 2023 Quisitive Technology Solutions, Inc. announced that they will report Q1, 2023 results at 4:00 PM, US Eastern Standard Time on May 16, 2023 Recent Insider Transactions Derivative • Apr 19
Founder exercised options to buy CA$1.8m worth of stock. On the 13th of April, Michael Reinhart exercised options to buy 4m shares at a strike price of around CA$0.52, costing a total of CA$1.9m. This transaction amounted to 18% of their direct individual holding at the time of the trade. Since June 2022, Michael has owned 20.45m shares directly. Company insiders have collectively bought CA$2.2m more than they sold, via options and on-market transactions, in the last 12 months. Reported Earnings • Apr 08
Full year 2022 earnings released: US$0.023 loss per share (vs US$0.058 loss in FY 2021) Full year 2022 results: US$0.023 loss per share (improved from US$0.058 loss in FY 2021). Revenue: US$187.3m (up 94% from FY 2021). Net loss: US$8.37m (loss narrowed 49% from FY 2021). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Software industry in Canada. Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions Derivative • Feb 26
CFO & Corporate Secretary exercised options to buy CA$187k worth of stock. On the 22nd of February, Scott Meriwether exercised options to buy 333k shares at a strike price of around CA$0.56, costing a total of CA$187k. This transaction amounted to 222% of their direct individual holding at the time of the trade. Since June 2022, Scott's direct individual holding has increased from 100.00k shares to 150.00k. Company insiders have collectively bought CA$318k more than they sold, via options and on-market transactions, in the last 12 months. Price Target Changed • Nov 18
Price target decreased to CA$1.56 Down from CA$1.69, the current price target is an average from 8 analysts. New target price is 199% above last closing price of CA$0.52. Stock is down 52% over the past year. The company is forecast to post a net loss per share of US$0.015 next year compared to a net loss per share of US$0.058 last year. Price Target Changed • Nov 16
Price target decreased to CA$1.66 Down from CA$1.87, the current price target is an average from 8 analysts. New target price is 192% above last closing price of CA$0.57. Stock is down 50% over the past year. The company is forecast to post a net loss per share of US$0.014 next year compared to a net loss per share of US$0.058 last year. Announcement • Nov 02
Quisitive Rebrands LedgerPay as PayiQ Quisitive Technology Solutions, Inc. announced it is rebranding its cloud-enabled payments solution platform, formerly known as LedgerPay, as PayiQ. Quisitive has unveiled a new name and logo for its payment processing and Payments Intelligence™ platform. As the Company progresses towards full commercialization of the platform, the new brand identity defines PayiQ as a leading innovator in the payments space. The brand evokes intelligence and innovation, bringing to life the vision for Quisitive’s cloud-enabled payments solution. Simultaneous with the brand launch, Quisitive has developed a new website pay-iq.com which details the platform’s value for merchants and resellers alike. PayiQ’s cloud-enabled architecture allows for greater value by developing and deploying innovative payments solutions that remove friction and enable unique data insights for consumer engagement. Quisitive’s merchant services group, BankCard USA, is a critical component of the Quisitive Payments Solutions vision. The Company will integrate BankCard USA employees into the Quisitive umbrella as Quisitive team members. Following these integration efforts and slated for summer 2023, BankCard USA will then transition its go-to-market service offerings to the PayiQ brand, completing the full suite of payments solutions delivered to the market under the PayiQ name. Announcement • Oct 28
Quisitive Technology Solutions, Inc. to Report Q3, 2022 Results on Nov 15, 2022 Quisitive Technology Solutions, Inc. announced that they will report Q3, 2022 results on Nov 15, 2022 Reported Earnings • Aug 19
Second quarter 2022 earnings released: US$0.001 loss per share (vs US$0.011 loss in 2Q 2021) Second quarter 2022 results: US$0.001 loss per share (up from US$0.011 loss in 2Q 2021). Revenue: US$47.6m (up 107% from 2Q 2021). Net loss: US$331.0k (loss narrowed 89% from 2Q 2021). Over the next year, revenue is forecast to grow 26%, compared to a 22% growth forecast for the Software industry in Canada. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has increased by 77% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Aug 16
Quisitive Technology Solutions, Inc. to Report Q2, 2022 Results on Aug 18, 2022 Quisitive Technology Solutions, Inc. announced that they will report Q2, 2022 results on Aug 18, 2022 Price Target Changed • Jul 27
Price target decreased to CA$1.87 Down from CA$2.06, the current price target is an average from 6 analysts. New target price is 202% above last closing price of CA$0.62. Stock is down 59% over the past year. The company is forecast to post earnings per share of US$0 next year compared to a net loss per share of US$0.058 last year. Announcement • Jul 08
Quisitive Technology Solutions, Inc. Appoints Amy Brandt to Its Board of Directors Quisitive Technology Solutions, Inc. has appointed Amy Brandt to its Board of Directors, effective June 29, 2022. Brandt replaces Vijay Jog, who has served on the board since 2019. With Brandt's appointment, Quisitive's Board composition remains at five total directors, four of whom are independent. Brandt joins Quisitive with over 20 years of experience as an accomplished entrepreneur and senior executive in institutional finance, and corporate and financial technology development. She is currently an Operating Executive Director at Serent Capital, a leading lower-middle market private equity firm investing in high growth service and technology businesses. She works closely with portfolio company management teams as a consultant providing oversight, guidance, and supplemental support. Prior to her tenure at Serent Capital, Brandt was the President and CEO of First American Docutech, an end-to-end integrated digital mortgage provider that enables lenders to accelerate real estate closing processes. Before that Brandt, was the President of Organizations and Corporate Technology at New Penn Financial and was COO of Prospect Mortgage. She currently serves on the First American Advisory Council, and the boards of Maxwell, InhabitIQ, SunToWater Technologies, and the Institute of International Education. Brandt earned a JD from Arizona State College of Law and a BA in political science from the University of South California. She is a multi-award winner, including HousingWire's Vanguard Award and Institute of International Education's Centennial Medal. Announcement • Jun 24
Quisitive Receives Visa Certification for Its LedgerPay Platform Quisitive Technology Solutions Inc. announced that it has officially received Visa certification to process credit and debit payments through its LedgerPay platform. Quisitive has successfully completed the certification process for its LedgerPay direct payment processing platform on the Visa network. After finalizing the configuration and installation of Visa's hardware in April 2022 and conducting joint certification tests, Quisitive is now approved to process transactions through Visa. Following the successful closing of the Company's United States bank sponsorship with The Bancorp, the Canadian bank sponsorship with Peoples Trust Company, as well as the previously announced Mastercard Certification, the completion of the Visa certification milestone expands the Company's network and positions the Company to begin to onboard merchants to LedgerPay. The Company is in the process of completing additional certifications with American Express and Discover. Additionally, onboarding for customer one to the LedgerPay platform is currently underway and is expected to be completed in Q3, 2022. Recent Insider Transactions • Jun 19
CFO & Corporate Secretary recently bought CA$65k worth of stock On the 16th of June, Scott Meriwether bought around 100k shares on-market at roughly CA$0.65 per share. This was the largest purchase by an insider in the last 3 months. This was Scott's only on-market trade for the last 12 months. Reported Earnings • May 27
First quarter 2022 earnings released: US$0.004 loss per share (vs US$0.01 loss in 1Q 2021) First quarter 2022 results: US$0.004 loss per share (up from US$0.01 loss in 1Q 2021). Revenue: US$44.9m (up 256% from 1Q 2021). Net loss: US$1.45m (loss narrowed 24% from 1Q 2021). Over the next year, revenue is forecast to grow 47%, compared to a 25% growth forecast for the industry in Canada. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has increased by 55% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • May 26
Price target decreased to CA$2.06 Down from CA$2.44, the current price target is an average from 6 analysts. New target price is 255% above last closing price of CA$0.58. Stock is down 57% over the past year. The company is forecast to post earnings per share of US$0 next year compared to a net loss per share of US$0.058 last year. Announcement • May 02
Quisitive Technology Solutions, Inc., Annual General Meeting, Jun 29, 2022 Quisitive Technology Solutions, Inc., Annual General Meeting, Jun 29, 2022. Reported Earnings • Apr 21
Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2021 results: US$0.058 loss per share. Revenue: US$96.7m (up 94% from FY 2020). Net loss: US$16.3m (loss widened 60% from FY 2020). Revenue exceeded analyst estimates by 1.6%. Earnings per share (EPS) missed analyst estimates by 99%. Over the next year, revenue is forecast to grow 87%, compared to a 26% growth forecast for the industry in Canada. Announcement • Apr 08
Quisitive Technology Solutions, Inc. to Report Q4, 2021 Results on Apr 20, 2022 Quisitive Technology Solutions, Inc. announced that they will report Q4, 2021 results on Apr 20, 2022 Announcement • Mar 31
Quisitive Technology Solutions, Inc. Receives Mastercard Certification to Process Credit and Debit Payments Through Its LedgerPay Platform Quisitive Technology Solutions, Inc. announced that it has officially received Mastercard certification to process credit and debit payments through its LedgerPay platform. Quisitive has successfully completed the certification process for its LedgerPay direct payment processing platform on the Mastercard network. After finalizing the configuration and installation of Mastercard's hardware in mid-February and conducting joint certification tests, Quisitive is now fully approved to process transactions through Mastercard. Following the successful closing of the Company's United States bank sponsorship with The Bancorp, and the recent Canadian bank sponsorship with Peoples Trust Company, the completion of this Mastercard certification milestone enables the company to begin onboarding merchants to LedgerPay. Quisitive expects to onboard an initial set of pilot merchants from Independent Sales Organizations (ISOs) and Independent Software Vendors (ISVs), including its own BankCard USA merchant portfolio, as well as merchants from Paytron, and DigiPro Payments. In parallel, the Company will continue the process of completing additional certifications with Visa, American Express, and Discover. Quisitive is expecting to accelerate its go-to-market strategy once the pilot phase is completed, currently expected in Third Quarter of this year. This includes multichannel marketing and sales to ISOs and ISVs and direct sales to merchants. With the support of the Microsoft sales channel, Quisitive sales teams will begin promoting its payments solutions to ISVs leveraging Azure's cloud capabilities, as well as targeting large US merchants that would benefit from its innovative Payments Intelligence® solution. This will be followed by an expansion into the Canadian market. Announcement • Nov 24
Quisitive Technology Solutions, Inc. Provides Earnings Guidance for the Fourth Quarter and Full Year of 2021 Quisitive Technology Solutions, Inc. provided earnings guidance for the fourth quarter and full year of 2021. For the fourth quarter, the company expects revenues to be in the $30 million to $33 million. For the full year 2021, the company expects revenue to be in the $93 million to $97 million. Reported Earnings • Nov 24
Third quarter 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Third quarter 2021 results: US$0.009 loss per share (up from US$0.011 loss in 3Q 2020). Revenue: US$27.8m (up 119% from 3Q 2020). Net loss: US$2.93m (loss widened 49% from 3Q 2020). Revenue exceeded analyst estimates by 2.3%. Earnings per share (EPS) missed analyst estimates by 49%. Earnings per share (EPS) missed analyst estimates by 49%. Over the next year, revenue is forecast to grow 95%, compared to a 38% growth forecast for the industry in Canada. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has increased by 108% per year, which means it is tracking significantly ahead of earnings growth. Recent Insider Transactions • Nov 20
Founder recently bought CA$60k worth of stock On the 17th of November, Michael Reinhart bought around 50k shares on-market at roughly CA$1.20 per share. This was the largest purchase by an insider in the last 3 months. This was Michael's only on-market trade for the last 12 months.