WELL Health acquires Indivica
June 3, 2020
VANCOUVER – WELL Health Technologies Corp. has closed the acquisition of Indivica Inc., whereby it has acquired all of the issued and outstanding shares of Indivica. With the acquisition, WELL expands its EMR services footprint to approximately 1,900 primary health medical clinics and 10,000 physicians across Canada.
“We are very pleased to welcome the talented team at Indivica to our WELL EMR Group,” said Hamed Shahbazi (pictured), chairman and CEO of WELL. “Indivica is a proven and well-respected OntarioMD certified EMR vendor that has developed unique intellectual property (IP) to secure and support electronic records for medical clinics across Ontario.”
Indivica, founded in 2008 and based out of Toronto, Ontario, is a provider of fully hosted EMR software and services to 390 clinics serving over 2,000 physicians and medical practitioners in Ontario. Indivica has been a true innovator developing extensive IP as it relates to innovative technological solutions related to appointment notification, patient communication, patient data federation amongst disparate clinics, automated submission and retrieval of Ontario Health Insurance Plan (OHIP) billings and reports, and real-time health card and fee service code reports. In the past twelve months, Indivica generated approximately $1.8M in revenue. It is expected that Indivica will produce, at minimum, double digit percentage EBITDA (earnings before interest, tax, depreciation and amortization) margin with non-speculative post-acquisition synergies. Indivica’s CEO, Neil Baimel, will assist WELL with the transition of operations for a period of time following closing of the Transaction.
“We are delighted to complete this transaction and join the WELL Health family,” said Neil Baimel, CEO of Indivica. “We feel WELL shares our vision for innovation in the EMR market in Canada, and we believe this is a win for our customers.”
The total consideration paid by WELL in connection with its acquisition of Indivica is $6,200,000, subject to certain adjustments, and consisting of the following:
- $3,410,000 paid in cash;
- $1,550,000 paid in common shares in the capital of the Company at a price of $3.10 per share; and
- A time-based cash earn-out of $1,240,000 payable within 120 days of the close of the Transaction. The Transaction was financed with cash on hand.
WELL is an omni-channel digital health company that operates Primary Healthcare Facilities, is the third largest digital Electronic Medical Records (EMR) supplier in Canada and is a national provider of telehealth services. WELL owns and operates 20 medical clinics, provides digital EMR software and services to over 1,900 medical clinics across Canada and is a majority owner of SleepWorks Medical. WELL’s overarching objective is to empower doctors to provide the best and most advanced care possible while leveraging the latest trends in digital health. To access the Company’s telehealth service, visit virtualclinics.ca and for corporate information, visit www.WELL.company.