CloudMD to acquire iMD, an educational platform
September 16, 2020
VANCOUVER – CloudMD Software & Services Inc., a telehealth company that is modernizing the delivery of healthcare to patients, is pleased to announce that it has entered into an agreement to acquire 100% of iMD Health Global Corp., an award-winning platform designed for healthcare professionals to better engage, inform and educate patients about their conditions and treatment plans. The platform features trusted, peer-reviewed healthcare resources.
CloudMD has agreed to pay iMD shareholders $10 million, consisting of $1.5 million in cash, $4.5 million in shares of CloudMD, and performance-based earnouts of $4 million, payable in shares over a two-year period.
iMD is a trusted platform used by healthcare professionals (including doctors, nurses, pharmacists and allied health professionals), to provide factual, medical information that promotes positive patient behaviour in all health sectors.
iMD’s intuitive platform provides a robust digital library and consultative visual component which is available on any digital device. iMD’s platform is populated with content from Canada’s most respected health associations and pharmaceutical companies. It has also partnered with Apotex Pharmaceuticals, one of Canada’s largest pharmaceuticals companies, with $2 billion in annual sales; Apotex currently has an 18% equity stake in iMD.
Kevin Delano (pictured), CEO and founder of iMD, has plans to expand iMD across Canada, North America, Mexico and the Middle East. The iMD team will have access to CloudMD’s resources and capital to expedite its expansion and continue growing the business.
Kevin has been leading iMD for the last 10 years and has a strong entrepreneurial background, having created/co-founded a number of businesses in the sales and marketing disciplines. Prior to iMD, he co-founded CIM (Consumer Impact Marketing), one of the largest Canadian sales and marketing agencies with approximately $90 million in revenue, which was acquired by Mosaic Sales Solutions. Kevin will be responsible for leading the continued global expansion of iMD.
Delano commented: “There is a significant disconnect between what a patient is told and what he or she remembers. We have developed the very best cloud-based patient engagement software on the market. With CloudMD’s infrastructure, including its EMR, network of clinics and pharmacies, and allied health, specialist and mental health solutions, we can accelerate our growth and help more patients. We are excited to join CloudMD and look forward to working with them moving forward.”
The platform has access to over 7.5 million patients and is currently being used by over 10,000 healthcare professionals and other users including: 3,800 doctors, 2,000 pharmacies, 140 hospitals, and 150 specialty clinics.
In addition, iMD has partnerships with over 30 global pharmaceuticals companies, 18 digital healthcare integration providers, Health Canada and over 60 healthcare associations in North America. iMD’s robust medical library already has over 80,000 patient friendly images, brochures and videos covering 2,100 health conditions, which includes the medical Mayo Clinic library.
The platform has a great return on investment (ROI) for healthcare practitioners as it increases efficiency, improves patient engagement, reduces costs and saves time.
The integration of iMD’s platform into CloudMD’s Electronic Medical Records (“EMR”) software, Juno, creates an industry leading EMR software system, and one of the only solutions that gives healthcare professionals direct access to additional resources to provide to their patients from one platform. The integration revolutionizes CloudMD’s EMR and will give it a significant competitive advantage over others in the market.
Essam Hamza, CEO of CloudMD, commented, “Kevin has done an incredible job building iMD’s platform from inception to the world class solution it is today. The two companies instantly found common ground with our shared vision of providing a holistic, patient focused approach to healthcare. Combining both platforms is immediately synergistic across every aspect of both our businesses as it allows us to layer on additional educational resources for our doctors, allied health professionals and patients and for us to cross sell services to their clients and patients. The addition of iMD further realizes our strategy of whole person healthcare delivery and will be an extremely valuable piece of our global growth plans.”