VitalHub announces agreement to acquire Oculys
October 23, 2019
TORONTO – VitalHub is pleased to announce an agreement to acquire all of the issued and outstanding shares of Oculys Health Informatics Inc. Total consideration to be paid by VitalHub is expected to be approximately $4.2 million.
The purchase price is composed of a $2.2 million issuance of common shares of VitalHub and a cash payment of approximately $2 million. The cash component includes $1,585,805 to be paid to certain creditors of Oculys, with the remainder paid to shareholders of Oculys.
Oculys provides a real-time and predictive operational management system for hospitals. The company currently has 18 hospital customers located across Ontario and Manitoba.
Oculys develops practical operational visibility solutions for healthcare professionals aimed at solving the challenges facing healthcare leaders, clinicians, and the patients they serve, ultimately reducing costs and improving the delivery of care.
Oculys’s revenue for the year ended March 31, 2019 was $2,066,540 with $1,559,177 being recurring in nature.
“Through this Acquisition, not only have we increased our recurring revenue base, we have created a synergistic opportunity for both customers of the Oak Group and Oculys to benefit from each other’s products and services,” said Dan Matlow (pictured), CEO of VitalHub Corp. “We look forward to levering Oculys’ operational flow solutions as we continue to advance our growth strategy.”
“Since inception, Oculys has become the leading provider in the Ontario and Manitoba marketplace for real-time and predictive operational management solutions,” said Franck Hivert, CEO of Oculys Health Informatics Inc. “By being part of VitalHub’s robust and growing suite of health IT solutions, Oculys will have the opportunity to meaningfully extend its product reach across Canada, and with significant support internationally.”