CloudMD to buy Canadian Medical Directory
October 21, 2020
VANCOUVER – CloudMD Software & Services Inc., a telehealth company, announced that it has entered into an agreement to acquire the Canadian Medical Directory, Canada’s largest directory of medical professionals. The directory includes 91,000 practicing physicians and 10,000 residents and nurse practitioners across the country.
Essam Hamza (pictured), CEO of CloudMD commented, “This acquisition reflects another important piece of our strategy to provide a whole-person, longitudinal approach to healthcare delivery. Having CMD’s robust, segmented database of health practitioners across Canada will be extremely valuable for our business and opens up synergies and opportunities for optimization, cross selling, public sector and private corporate partnerships.”
For 65 years, CMD has a resource for all provinces’ medical professionals in a standard national format. CMD is Canada’s leading source for profile and contact information on practicing physicians – both general practitioners and medical specialists – and nurse practitioners, across the country.
It’s a key reference tool used by clinics, hospitals, medical placement firms, pharmaceutical companies, and manufacturers and distributors of medical equipment and supplies.
CloudMD has agreed to pay $1.95 million for CMD, consisting of $250,000 in cash; $1.35 million in shares of the CloudMD; and a performance-based earnout of $350,000, which is payable in shares of the CloudMD in annual issuances over a period of two years.
Having information on every medical practitioner across the country will be immediately valuable for CloudMD to cross sell and optimize its suite of products.
CloudMD will be able to integrate the CMD database into its Juno EMR, billing, virtual care and telehealth platforms, as well as iMD Health’s leading educational resource databank.
This acquisition will allow CloudMD to leverage the CMD brand, customer network and data, to power up and accelerate doctor acquisition and adoption. The acquisition will also enable CloudMD to use its suite of products and resources to continue building and growing CMD’s robust database.
CloudMD will make available key CMD offerings, including CMD’s API for Insurers, which helps with Medical Insurance fraud detection, CMD’s pending integration with Salesforce, HubSpot and MS Dynamics and CMD’s newest integration with Clinia.com, which has integrated the CMD data into its next generation Canadian health resource directory.
CMD is wholly owned by Owen Media Partners, an information services leader founded by CEO Hugh Owen. Through its MacRAE’S and Scott’s Directories brands, Owen Media has helped tens of thousands of businesses with their B2B Lead Gen and digital marketing strategies and attracted more than 500 million visitors to its own websites. Founded in 1995, Owen Media has operations in Toronto and Delhi, India and a sales network in Canada and the US.
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.