CloudMD to acquire a mental health platform
July 22, 2020
VANCOUVER – CloudMD Software & Services Inc., a telehealth company seeking to revolutionize the delivery of healthcare to patients, is pleased to announce an agreement to acquire 100% of Snapclarity Inc, a mental health pioneer.
Their on demand digital platform provides an assessment for an individual’s personal risk of mental health disorders resulting in a personalized care plan, access to online resources, a clinical health care team and the ability to match to the right therapists. Snapclarity’s product offering is a connected, collaborative model that leaves individuals feeling empowered, motivated and supported throughout their entire treatment journey, the company said.
“The COVID-19 pandemic is the most serious public health emergency of our lifetime and it has further deepened the mental health crisis we were already facing,” said Dr. Essam Hamza (pictured), CEO of CloudMD. “As a primary care physician for the past 20 years, the importance of providing a viable tool for the mental health crisis is a deeply personal motivation for me.”
Snapclarity’s solution is utilized by employers, individuals, therapists and insurers. The platform offers a continuity of care program that effectively blends the supported intervention with technology and a human touch that meets the needs of mild, moderate and chronic mental health issues.
This is accomplished through a suite of digital tools that are designed by clinicians and grounded in evidence-based practices that are proven to positively impact outcomes.
CloudMD’s acquisition of Snapclarity addresses an emergent market demand from direct conversations, market intelligence with enterprise clients, insurers, governments and other payors. Just as the pandemic has presented the world with the urgent need to integrate physical and mental health management, CloudMD now has an integrated solution to match that need.
“The combination of our health solutions will be game changing for care. The disruptive potential of our technology integrated with CloudMD will accelerate adoption of holistic care plans,” said Jeff Deriger, President of Snapclarity.
“Managing return to work with consideration of mental and physical wellbeing is critical. Employers no longer have the luxury of offering a marketplace of options, nor can they carry the burden of related expenses. A combined CloudMD and Snapclarity will remove barriers to access while providing the market with hyper personalized, integrated mental and physical healthcare plans.”
Total consideration payable by the CloudMD in connection with the acquisition is $3.35 million, subject to certain holdbacks, payable as up to C$975,000 in cash and up to C$2,375,000 in shares of the company.
About CloudMD Software & Services
CloudMD is digitizing the delivery of healthcare by providing patients access to all points of their care from their phone, tablet or desktop computer. The Company offers SAAS based health technology solutions to medical clinics across Canada and has developed proprietary technology that delivers quality healthcare through the combination of connected primary care clinics, telemedicine, and artificial intelligence (AI). CloudMD currently provides service to a combined ecosystem of 376 clinics, over 3,000 licensed practitioners and almost 3 million patient charts across its servers.