Discovery Acquisitions has made a move to purchase
payroll and human resource management firm Vision Pay Inc. of Edmonton.
Under terms of a proposal made public last week, Edmonton-based Discovery has agreed to make an offer to purchase Vision Pay shares for an aggregate price of $2.3 million, including $1.5 million in post-consolidated common shares and $800,000 in cash repayment of shareholder loans.
Subject to regulatory approval, Discovery says a name change and a consolidation of the shares will occur prior to the exchange of securities and closing of the private placement.
Vision Pay Inc., develops and markets payroll and human resource software application for Navision Software US, Inc. and Navision Software Canada Inc. (collectively “Navision NA”).
Navision NA is part of Navision a/s, a public company based in Copenhagen, Denmark, that markets enterprise level financial software products worldwide.
Last month, Microsoft Corp. purchased Navision a/s for $1.45 billion US.
Vision Pay says it expects business will continue as usual with the Navision NA groups, except now as subsidiaries of Microsoft Corp.