Patterson Companies, Inc. (Nasdaq: PDCO) today announced an all-cash purchase agreement to acquire Mercer Mastery, a subsidiary of Mercer Advisors Inc. Through the acquisition, Patterson will gain Mercer’s proprietary OnTrack® dental practice performance software system.
“This is a strategic acquisition that enhances our software offerings for dental practices,” said Paul Guggenheim, president of Patterson Dental. ”Mercer’s OnTrack software is a highly compatible solution that can be easily integrated into our platforms to expand our industry-leading software offerings. Longer-term, we anticipate leveraging the OnTrack system across all of Patterson’s businesses to generate additional revenue opportunities.”
According to David Barton, president and CEO of Mercer Advisors, “OnTrack is a cloud-based business intelligence system that allows dentists to choose growth targets for their practice and then create a business plan to achieve those goals. Utilizing customizable planning elements and a cutting edge executive dashboard, OnTrack monitors, measures and helps manage key performance indicators known to drive practice growth.”
Patterson Dental currently offers powerful dental practice software systems for general dentists through its Eaglesoft software and for orthodontic practices with its Dolphin Imaging and Management Solutions.Patterson Dental’s acquisition of Mercer Mastery closed on July 31, 2013. The acquisition is not financially material to Patterson; terms were not disclosed. About Mercer Advisors:Established in 1985, Mercer Advisors Inc. is a total wealth management firm that provides comprehensive investment management, financial planning, family office services, and retirement plan design and administration, to affluent individuals. Mercer Advisors is the parent company of Mercer Global Advisors, one of the largest Registered Investment Advisors and financial planning firms in the U.S. with $5 billion in assets under management and more than 3,800 clients nationwide. Mercer Advisors is privately held, has over 150 employees and operates nationally with 15 branch offices across the country. For more information about Mercer Advisors, visit www.merceradvisors.com. About Patterson Companies, Inc.:Patterson Companies, Inc. is a value-added distributor serving the dental, companion-pet veterinarian and rehabilitation supply markets. Dental MarketAs Patterson’s largest business, Patterson Dental provides a virtually complete range of consumable dental products, equipment and software, turnkey digital solutions and value-added services to dentists and dental laboratories throughout North America. Veterinary MarketPatterson Veterinary is a leading distributor of consumable veterinary supplies, equipment and software, diagnostic products, vaccines and pharmaceuticals to companion-pet veterinary clinics. Rehabilitation MarketPatterson Medical is the world’s leading distributor of rehabilitation supplies and non-wheelchair assistive patient products to the physical and occupational therapy markets. The unit’s global customer base includes hospitals, long-term care facilities, clinics and dealers. Forward-Looking Statements:This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are information of a non-historical nature and are subject to risks and uncertainties that are beyond the Company's ability to control. The Company cautions shareholders and prospective investors that the following factors, among others, may cause actual results to differ materially from those indicated by the forward-looking statements: competition within the dental, veterinary, and rehabilitative and assistive living supply industries; changes in the economics of dentistry, including reduced growth in expenditures by private dental insurance plans, the effects of economic conditions and the effects of healthcare reform, which may affect future per capita expenditures for dental services and the ability and willingness of dentists to invest in high-technology products; the effects of healthcare related legislation and regulation which may affect expenditures or reimbursements for rehabilitative and assistive products; changes in the economics of the veterinary supply market, including reduced growth in per capita expenditures for veterinary services and reduced growth in the number of households owning pets; the ability of the Company to maintain satisfactory relationships with its sales force; unexpected loss of key senior management personnel; unforeseen operating risks; risks associated with the dependence on manufacturers of the Company's products; and the ability of the Company to successfully integrate the recent acquisitions into its existing business. Forward-looking statements are qualified in their entirety by the cautionary language set forth in the Company's filings with the Securities and Exchange Commission.
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