Kingsway Financial Services Inc said on Friday that it had acquired Digital Diagnostics Imaging Inc, a provider of fully managed outsourced cardiac monitoring telemetry services, in an $11.0 million all-cash deal.

The transaction has been funded with $5.4 million in cash on hand and $5.6 million in debt financing, the company said.

“The DDI business is a great fit for our growing Xcelerator portfolio. DDI has established itself as a trusted partner to its customers through its focus on a dependable, high-quality service offering and our focus will be to continue to deliver exceptional value to DDI’s customers. Peter Dausman, the Operator-in-Residence for this transaction, will transition into the CEO role for DDI, while the Founder, Thomas Corney, will remain as an advisor during a transition period. We are excited to welcome the DDI team to the Kingsway family,” J.T. Fitzgerald, Kingsway’s President and Chief Executive Officer, said in a press release.

“DDI is a dominant player in remote cardiac monitoring with a solid reputation and strong customer referrals that fuel a growing pipeline of new opportunities. Importantly, its business has a high level of recurring revenue, is scalable and operates in a stable, growing market. In assessing this acquisition, it became clear that DDI is the industry standard for outsourced telemetry. I am eager to work with the team to learn more and with a disciplined approach, take this business to the next level,” Peter Dausman, the newly appointed Chief Executive Officer of Digital Diagnostics Imaging, commented.

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