Quisitive Technology Solutions Inc., a leading provider of Microsoft Cloud and AI solutions, has announced its acquisition by an affiliate of H.I.G. Capital. The arrangement agreement, finalized on December 31, 2024, will see Quisitive’s shareholders receive C$0.57 per share in cash, excluding shares held by certain employees who will enter into equity rollover agreements. This acquisition values the company at approximately C$169.1 million and offers shareholders a significant premium of 57.1% over the 20-day volume-weighted average price and a 52% premium to the closing price on December 31, 2024.
Mike Reinhart, Quisitive’s Founder and CEO, expressed gratitude for the support received from public markets over the past six years, which laid a strong foundation for the company’s growth. He emphasized the importance of partnering with H.I.G. Capital to accelerate organic expansion and make strategic investments that will ultimately benefit customers.
Nick Lim, Chair of Quisitive’s Special Committee of independent directors, noted that after a thorough strategic review, the committee unanimously determined that this transaction is the best opportunity to maximize shareholder value. Lim stated that the deal reflects both the current strength of Quisitive and the potential it has cultivated over time.
The acquisition follows an extensive review of strategic alternatives aimed at considering the interests of all stakeholders, including shareholders, clients, partners, and employees. This comprehensive process involved discussions with various potential buyers and financial sponsors, culminating in a unanimous endorsement from Quisitive’s Board of Directors.
The acquisition will be executed through a plan of arrangement under British Columbia’s Business Corporations Act. Shareholder approval is required at a special meeting scheduled for March 2025. Notably, directors, officers, and certain shareholders representing approximately 30.4% of voting rights have already agreed to vote in favor of the transaction.
Rollover shareholders will exchange some of their shares for equity interests in an H.I.G.-affiliated entity at a value equal to the cash purchase price. Approval from a majority of votes cast at the special meeting is necessary to proceed with the transaction, excluding votes from rollover shareholders. In addition to shareholder approval, the acquisition is subject to clearance from the Supreme Court of British Columbia and other customary regulatory approvals.
William Blair & Company is serving as exclusive financial advisor to Quisitive’s Board of Directors, while Canaccord Genuity Corp. has provided independent financial advice to the Special Committee. Legal counsel for Quisitive includes Cassels Brock & Blackwell LLP and Bass, Berry & Sims PLC; H.I.G. Capital is represented by Weil, Gotshal & Manges LLP and Stikeman Elliott LLP.
Quisitive is recognized as a premier global Microsoft partner leveraging cloud technology and AI to deliver transformative solutions for enterprises across various industries. The company focuses on helping organizations adopt innovative technologies that drive operational efficiency and growth in an increasingly digital landscape.
This acquisition marks a significant step for Quisitive as it seeks to enhance its capabilities and expand its market presence through collaboration with H.I.G. Capital. The anticipated closing in early 2025 could pave the way for new opportunities as Quisitive continues to innovate within the Microsoft ecosystem.
