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QUISITIVE MORE THAN DOUBLES REVS Featured

Fueled by its series of acquisitions, Quisitive Technology Solutions more than doubled its revenue for the third quarter ended September 30. Moreover, that does not include revenue from Catapult Systems, which was acquired this month.

The Dynamics and payments businesses both showed strong growth as the Toronto, Ont.-based companyy reported revenue of $27.8 million for the most recently ended period, an increase of 119 percent from $12.7 million a year ago. The loss for the quarter was slightly more than $3 million, up 64.3 percent from a loss of $1.8 million for last year’s corresponding period. Dynamics falls under the company’s Cloud Solutions segment, which reported $17.3 million in revenue, an increase of 50.4 percent from $11.5 million a year ago. The jump reflects the purchase of Dynamics healthcare reseller Mazik Global. CEO Mike Rinehart said during this week’s earnings webcast there was a “minor bump in the road”, a delay in achieving Visa and MasterCard certification for its LedgerPay payments business. He attributed that to supply chain issues. Once those clear, the "networks will be able to fulfill the installation of their hardware in our data centers, creating the dedicated circuit needed for LedgerPay to securely operate as an end-to-end Payment processor.” However, it did achieve Level 1 PCI certification during the quarter. Quisitive paid about $51.5 million for Catapult, which had trailing revenue of about $25.2 million. Rinehart noted six weeks of Catapult revenue will be reported by Quisitive for 2021.

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