Kelowna tech company QHR sold for $170 million

Canadian grocery and pharmacy giant Loblaws buys QHR through its Shoppers Drug Mart subsidiary.

QHR logo

Loblaws $170 million purchase of Kelowna electronic medical records platform provider QHR Corporation is now complete.

Announced in August, the purchase, through Loblaws wholly owned subsidiary Shoppers Drug Mart Inc, closed Thursday, meaning shares will no longer be traded for the Kelowna company. They were to be delisted after trading stopped Thursday.

The $170 million price that the huge Canadian grocery store chain paid for QHR equated to $3.10 per share, 22 per cent more than QHR shares were trading for when the sale was first announced two months ago.

On Wednesday, QHR shares closed at $3.09 on the TSX Venture Exchange in Toronto.

The 12-year-old Kelowna company provides about 7,700 clients with a suite of medical office-related software, including records management, virtual care software, secure video and messaging, as well as scheduling, billing and clinic management technologies.

In addition to being Canada’s largest grocery store chain, Loblaws also operates thousands of pharmacies—mainly in its large supermarkets—supported by 5,000 healthcare professionals, including pharmacists, opticians, dieticians and nurses.