CloudMD secures footprint in Ontario, buys clinic
August 19, 2020
VANCOUVER – CloudMD Software & Services Inc., a telemedicine company, announced that is has agreed to acquire a majority interest in West Mississauga Medical Ltd., a comprehensive family medicine and specialist medical clinic with eight family doctors and four specialists serving over 100,000 patients. CloudMD will acquire 51% of the business, assets and operations.
West Mississauga Medical is an established medical clinic, located inside a Real Canadian Superstore, that has served its community for over 16 years and has remained open throughout the COVID-19 pandemic, seeing patients via telemedicine and in-person. The clinic will be integrated into the CloudMD EMR platform and its network of doctors and specialists will immediately start servicing CloudMD’s registered users and patients in Ontario.
West Mississauga Medical generated more than $1.8 million in revenues with earnings before interest, taxes, depreciation, and amortization (EBITDA) margins exceeding 11% over the last fiscal year ending December 2019.
The acquisition is part of CloudMD’s national growth strategy which includes having well established brick and mortar clinic partners in major provinces. These clinics ultimately provide a strong, centralized patient base and footprint across the country.
In consideration for the purchase of 51% of the outstanding securities of West Mississauga Medical, CloudMD has agreed to pay Shareholders aggregate consideration of C$200,000 payable as up to C$140,000 in cash and C$60,000 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.