WELL Health Technologies to Acquire EMR, Billing and Clinical Assets from CloudMD for $5.75MWednesday, October 12, 2022
Vancouver, BC, October 12, 2022--(T-Net)--WELL Health Technologies Corp. (TSX: WELL), a Vancouver-based digital health company, announced today that it has entered into an agreement to acquire Cloud Practice Inc. and three clinics from CloudMD Software & Services Inc.
Hamed Shahbazi, Chairman & Chief Executive Officer, WELL Health Technologies Corp.
Hamed Shahbazi, CEO and Founder of WELL, said, "This transaction demonstrates our dedication to expanding and strengthening WELL's Canadian healthcare offering through disciplined capital allocation. This acquisition will also enable our EMR and billing divisions to enter new markets in the Canadian Prairies where we look forward to supporting healthcare practitioners' access to new digital health innovations."
Cloud Practice is a medical software application company with products including Juno EMR, a cloud based EMR solution based on OSCAR1, and ClinicAid, a medical billing software used by healthcare practitioners who don't need access to a full EMR.
Outside of WELL who is the largest provider of OSCAR1 EMR products and services, Juno EMR represented the largest remaining asset and market share available in the OSCAR1 based EMR industry. Both Juno EMR and ClinicAid represent WELL's entrance into the Alberta and Saskatchewan markets for its EMR and medical billing related lines of business. Both assets will be integrated into WELL's Provider Solutions Business Unit, under WELL's existing EMR and Billing platforms.
Amir Javidan, Chief Operating Officer, WELL Health Technologies Corp.
Amir Javidan, COO of WELL commented, "This transaction is a win for healthcare practitioners and their patients as it will allow software users and clinicians joining our network to have access to WELL's innovative Apps.Health platform which includes dozens of apps designed by leading 3rd party digital health companies providing advanced physician tools such as an AI-powered virtual assistant to premium digital patient engagement tools that can drive significant operating efficiencies for clinics."
The three primary care clinics being acquired in the Transaction currently have a total staff of 20 physicians operating out of two clinics in Vancouver, BC and one clinic in Surrey, BC. These clinics are owned by subsidiaries of CloudMD, with all of the shares of these entities being acquired as part of the Transaction. These three clinics will be integrated into WELL's existing primary care clinic network under WELL Health Canada Clinics Inc.
The consideration to be paid by WELL in connection with the Transaction is $5,750,000, with $5,100,000 to be paid in cash at closing, and the balance subject to customary post closing adjustments and holdbacks. Closing of the Transaction is expected in Q4 2022 and is subject to standard closing conditions.
INFOR Financial Inc. acted as exclusive financial advisor and Cassels Brock & Blackwell LLP acted as legal advisor to CloudMD.
About WELL Health Technologies Corp.
WELL is a practitioner focused digital healthcare company whose overarching objective is to positively impact health outcomes to empower and support healthcare practitioners and their patients. WELL has built an innovative practitioner enablement platform that includes comprehensive end to end practice management tools inclusive of virtual care and digital patient engagement capabilities as well as Electronic Medical Records (EMR), Revenue Cycle Management (RCM) and data protection services.
WELL uses this platform to power healthcare practitioners both inside and outside of WELL's own omni-channel patient services offerings. As such, WELL owns and operates Canada's largest network of outpatient medical clinics serving primary and specialized healthcare services and is the provider of a leading multi-national, multi-disciplinary telehealth offering. WELL is publicly traded on the Toronto Stock Exchange under the symbol "WELL" and on OTCQX under the symbol "WHTCF". To learn more about the Company, please visit: www.well.company.
Notice Regarding Forward Looking Information
Certain statements in this news release related to the Company are forward-looking statements and are prospective in nature. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events, and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements. [ MORE ]
Notice Regarding Forward Looking Information
Certain statements in this news release related to the Company are forward-looking statements and are prospective in nature. Forward-looking statements are not based on historical facts, but rather on current expectations and projections about future events, and are therefore subject to risks and uncertainties which could cause actual results to differ materially from the future results expressed or implied by the forward-looking statements.
These statements generally can be identified by the use of forward-looking words such as "may", "should", "could", "intend", "estimate", "plan", "anticipate", "expect", "believe" or "continue", or the negative thereof or similar variations. Forward-looking statements in this news release include statements regarding the prospective lead order and the intended use of proceeds of the Offering.
There are numerous risks and uncertainties that could cause actual results and WELL's plans and objectives to differ materially from those expressed in the forward-looking information, including: (i) adverse market conditions; (ii) risks inherent in the primary healthcare sector in general; (iii) that the proceeds of the Offering may need to be used other than as set out in this news release and other factors beyond the control of the Company. Actual results and future events could differ materially from those anticipated in such information.
These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, the Company does not intend to update these forward-looking statements.
Neither the Toronto Stock Exchange nor its Regulation Services Provider (as that term is defined in policies of the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of this release.
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