“Mystery buyer” reportedly acquiring STI Technologies for $200 million

sti technologies

Halifax-based STI Technologies, a company that offers a card-based program allowing drug companies to distribute product samples to physicians and patients, has reportedly reached a deal with an unnamed purchaser to sell for about $200 million, according to The Chronicle Herald.

The paper, citing a report by Allnovascotia.com, said the buyer is a publicly traded multinational leader in the health data and tech sectors.

STI Technologies received a $17 million investment from Toronto-based private equity firm Imperial Capital Group in September 2013. That same year, as part of its InnoviCares initiative, STI Technologies also launched an iOS app that promotes personal healthcare management in December 2013. The company was named on Deloitte’s Tech Fast 50 in 2015.

While STI Technologies has not responded to a request for comment from the Herald, it’s likely that a deal is in the works as Justin MacCormack, a partner at Imperial Capital Group, refused to comment on the buyout, saying he is bound by a non-disclosure agreement.

According to Entrevestor, the company has about 100 employees, up from 57 at the end of 2014.

Image via Business Elite Canada

Amira Zubairi

Amira Zubairi

Amira Zubairi is a staff writer at BetaKit. As a fourth-year journalism student who has written primarily about entrepreneurship, Amira has developed a growing interest in Canadian startup, business, and tech news. In her free time, Amira enjoys reading, baking and watching legal shows.