Mediagrif Interactive Technologies announced an agreement to acquire kCentric Technologies, better known as k-eCommerce, which provides Microsoft Dynamics and SAP Business One e-commerce solutions. 

Mediagrif cited k-eCommerce's 17 percent combined annual growth rate over the last five years and 66 percent recurring revenue as key factors motivating the acquisition.

The acquisition for CAD $15 million and 203,000 common shares will still need to approved by the Toronto Stock Exchange. Both companies are based in Canada.