Quorum to buy Autovance Technologies
CALGARY, ALTA. – Quorum Information Technologies said it has agreed to purchase Autovance Technologies Inc. for an undisclosed sum.
Quorum chief Maury Marks said the Autovance team, under Rick Johnston’s leadership, has a proven track record for developing an “unparalleled desking product for the Canadian retail automotive market.”
“Together with Autovance, we have been able to integrate the Autovance desking product seamlessly into Quorum’s Dealership Management System sales process to provide dealerships with a more integrated end-to-end business process for their vehicle sales department,” he said in a release.
Currently, 63 of Quorum’s dealership customers use the Autovance Desk product out of a total of 148 dealerships on Autovance. The transaction also supports Quorum’s integrated end-to-end business process direction.
Quorum said its vision is to meet each of a dealership’s product needs including desking, menuing, equity mining, showroom trafficking, marketing, Internet, text and chat lead management and dealership management.
“One of the key reasons we completed the acquisition is because Autovance has become a critical component of our strategy, and has had great success with our DMS customers,” the company added.
Under the terms of the agreement, Quorum will acquire all of the issued and outstanding shares of Autovance for consideration comprised of a combination of cash and restricted share units of Quorum to be granted pursuant to its incentive award plan.
Rick Johnston will join the Quorum senior management team.
The transaction is expected to be complete on Sept. 1.