Paragon Care Limited
(ASX:PGC) has announced it has acquired Midas Software Solutions Pty Ltd and its global distributor Spintech Oceania Pty Ltd.
MIDAS software is a cloud based reporting platform with a wide range of applications in diagnostic medical examinations.
The acquisition of MIDAS will be made via the issuance of $2 million in fully paid ordinary PGC shares, at an issue price of $0.703.
The co-founders of MIDAS will join Paragon as part of the deal and will each receive 2.5 percent in MIDAS revenue royalties for two years, should they remain contracted with the company.
Paragon Care Limited reported a net profit of $2.6 million at 31 December 2015.
