Desjardins, Cortexnord acquire minority stake in Progitek

Desjardins Capital and Cortexnord Capital have invested in Progitek, a Quebec City-based provider of dental practice management software.

Desjardins Capital and Cortexnord Capital have together made a minority investment in Progitek, a Quebec City-based provider of dental practice management software. No financial terms were disclosed. The partnership will support the company’s growth across Canada. Progitek is Cortexnord’s fourth investment alongside Desjardins.

PRESS RELEASE

Desjardins Capital and Cortexnord Capital become minority shareholders in Progitek, a leader in dental practice management software

QUEBEC CITY, July 12, 2021 /CNW Telbec/ – Éric Vézina, founding shareholder of Progitek, has annonced that Desjardins Capital and Cortexnord Capital are now minority shareholders in Quebec’s top provider of dental practice management software.

Founded in Quebec City in 1995, Progitek employs nearly two dozen employees and has developed a range of innovative software solutions for dental practitioners. Dentitek, its flagship product, allows practising dentists to go paperless, while facilitating clinic administration and boosting productivty.

“Our partnership with Desjardins Capital and Cortexnord Capital will give us access to new, specialized resources that we can use to expand,” said Éric Vézina. “With their respective areas of expertize, our new joint shareholders will help us modernize our management and governance structures as well as improve our products and customer service.”

“We’re proud to partner with such a promising and innovative Quebec company. Their IT solutions help dental clinics become more productive and successful,” said Pierre Tessier, Investment Vice-President for Quebec City and Central and Eastern Quebec at Desjardins Capital. “Through this partnership, we can contribute to Progitek’s cross-Canada expansion while still keeping its ownership in Quebec.”

“At Cortexnord Capital, we were won over by Éric Vézina’s talented team and entrepreneurial spirit,” said Éric Gagnon, President of Cortexnord Capital. “We’re thrilled to be teaming up with them to help secure their position as an industry leader. Investing in this company aligns perfectly with our primary mission: keeping successful Quebec companies within the province and supporting their growth. This is our fourth partnership with Desjardins Capital, a strategic partner who’s committed to developing Quebec’s economy.”

About Desjardins Capital
Nearly 45 years strong, Desjardins Capital has a mission to value, support and nurture the best of Quebec entrepreneurship. With assets under management of C$2.6 billion as of December 31, 2020, Desjardins Capital helps contribute to the longevity of some 550 companies, cooperatives and funds in various sectors from across Quebec. In addition to helping create and maintain more than *80,000 jobs, this subsidiary of Desjardins Group provides entrepreneurs with access to a large business network that supports business growth. For more information, visit the Desjardins Capital website.
*Data as at December 31, 2019

About Cortexnord Capital
Cortexnord Capital is an innovative investment firm whose mission is to keep successful Quebec companies within the province and suport their growth by working closely with their management teams. Learn more at www.cortexnord.com

For further information: For journalists only: Richard Lacasse, Spokesperson, Desjardins Capital, 514-281-7000 or 1-866-866-7000, ext. 5553436, media@desjardins.com; Éric Vézina, Eng., President, Progitek, 418-686-8786 or 514-954-9114, ext. 224, 1-866-307-7011, ext. 228, evezina@progitek.ca; Éric Gagnon, President, Cortexnord Capital, 418 575-7540, eric.gagnon@cortexnord.com