mdf commerce enters definitive agreement to be acquired by KKR

• mdf commerce shareholders to receive C$5.80 in cash per share, representing C$255 million in total equity value and a premium of approximately 58% to the closing price of the common shares on the TSX on March 8, 2024
• Transaction provides immediate liquidity and certainty of value to mdf commerce shareholders
• mdf commerce Board of Directors unanimously recommends that shareholders vote in favour of the transaction
• KKR to support mdf commerce’s ambition to grow into a leading enterprise software platform

MONTREAL, March 11, 2024 (GLOBE NEWSWIRE) -- mdf commerce inc. (“mdf commerce” or the “Company”) (TSX:MDF), a SaaS leader in digital commerce technologies, today announced it has entered into an arrangement agreement (the “Arrangement Agreement”) to be acquired by funds managed by KKR, a leading global investment firm, in an all-cash transaction (the “Transaction”). Upon completion of the Transaction, mdf commerce will become a privately held company.

The Company’s platforms and services empower businesses around the world, supporting them in generating billions of dollars in transactions on an annual basis. mdf commerce’s North American eProcurement platform serves over 6,500 government agencies and more than 650,000 suppliers across Canada and the United States and provides a strong foundation to build a leading government software platform.

“After a comprehensive strategic review process, we are pleased to have reached an agreement with KKR that provides immediate liquidity and certainty of value at an attractive premium to our shareholders,” said Pierre Chadi, Chairman of mdf commerce’s board of directors (the “Board”).

“We are excited to strategically partner with KKR to accelerate our expansion and scale our industry-leading platform even further. We look forward to leveraging their relationships, resources, and expertise as we execute on our strategy and explore new projects and opportunities that will improve mdf commerce’s service offering and continue growing market share,” stated Luc Filiatreault, President and Chief Executive Officer, mdf commerce. “KKR has a long history of successfully investing in market-leading software businesses globally. I am confident that KKR is the ideal partner for mdf commerce and can contribute to the Company’s continued success.”