Pender Growth Fund Increases its Equity Stake in Pender Software Holdings Ltd. as it Completes its Acquisition

Executive Summary

• PSH completed its acquisition of BroadCare Solutions Limited, adding a UK‑based patient management software platform with deep NHS relationships to its portfolio.
• PTF increased its ownership in PSH from ~87.7 % to ~94.6 % by converting a promissory note into equity and injecting additional cash; the total cost base of PTF’s investment in PSH is now ≈ $20 million.
• Pro‑forma revenue for PSH is expected to exceed $20 million post‑acquisition, with EBITDA margins remaining above 30 %.

Key Details

• Acquirer: Pender Software Holdings Ltd. (PSH) – PTF’s largest holding.
• Target: BroadCare Solutions Limited (“BroadCare”), provider of patient management software and Financial Assurance Managed Services to ~75 % of Integrated Care Boards in the UK.
• Transaction Type: Completion of previously announced acquisition; no purchase price disclosed in this release.
• Equity Stake Change: PTF’s equity interest in PSH rose from 87.7 % to 94.6 % after converting its outstanding promissory note into PSH shares and providing additional cash.
• Investment Cost Base: Approximately $20 million for PTF’s total investment in PSH following the conversion and cash injection.
• Management Continuity: BroadCare will continue operating under its existing management team led by Managing Director Umer Shariff.
• Financial Impact – PSH (Pro‑Forma):
• Expected revenue > $20 million (up from $13 million in the prior year).
• Anticipated EBITDA margins to remain >30 %.
• Strategic Rationale: The acquisition adds a mission‑critical, recurring‑revenue software platform with strong customer relationships, aligning with PSH’s strategy of acquiring and growing long‑term software businesses.

Notable Quotes

(No direct quotes were provided in the release.)