Descartes Systems Group, the global leader in uniting logistics-intensive businesses in commerce, announced the closing of its acquisition of the businesses run by the Management Systems Resources Inc. group of companies operating under the names “Visual Compliance,” “eCustoms” and “MSR” (collectively, “Visual Compliance”). Descartes previously announced the signing of the definitive agreement to acquire Visual Compliance on January 28, 2019.

The purchase price for the acquisition was approximately CAD $330 million (approximately US $250 million), including working capital acquired. The transaction is structured as a combination of asset and share purchases. In partial satisfaction of the purchase price, Descartes issued 296,480 Descartes common shares valued at approximately CAD $12 million (approximately US $9 million) to individuals receiving proceeds from the transaction. The balance of the purchase price (approximately CAD $318 million or approximately US $240 million) was satisfied in cash, primarily drawn from Descartes’ revolving credit facility.