WELL Health to buy INSIG, parent of Tia
November 11, 2020
VANCOUVER – WELL Health Technologies Corp. is pleased to announce it has entered an agreement to acquire INSIG Corp., one of the leading virtual care platforms in Canada. INSIG owns and operates the Tia Health group of virtual clinics. Following the closing of the Transaction, INSIG will be a wholly owned subsidiary of WELL.
“We are looking forward to acquiring the remaining portion of INSIG which will boost WELL’s virtual care and product development expertise,” said Hamed Shahbazi (pictured), chairman and CEO of WELL. “The INSIG team has proven to be resourceful and nimble innovators and market leaders in the virtual care sector in Canada. We believe the combination of INSIG’s Tia Health and WELL’s VirtualClinic+ will position WELL as one of the top providers of telehealth services in Canada.”
INSIG is a privately held Canadian company with a unique SaaS-enabled virtual care marketplace that provides value propositions for both healthcare professionals and patients.
INSIG’s B2B SaaS business provides its rapidly growing base of over 2,800 healthcare professionals with virtual care software that automates patient documentation through intelligent questionnaires. INSIG’s wholly owned B2C virtual clinic, Tia Health, leverages INSIG’s B2B user base to provide patients with doctors on demand through online appointments while providing the option for continuity of care through a patient-centric patient record.
Following closing, WELL expects to add an incremental $6.5 million in annual revenues as a result of the acquisition when eliminating intercompany revenues between the two organizations.
“When David and I started INSIG and Tia Health, we wanted to change the way healthcare was delivered in Canada. With WELL, we will change healthcare globally,” said Matthew Mazzuca, CEO of INSIG. “We’ve really enjoyed working with WELL over the past year and look forward to joining the WELL family. Our joint collaboration with WELL was instrumental in making telehealth services available to many thousands of Canadians during the COVID-19 pandemic.”
Under the terms of the agreement, Well Health has agreed to pay approximately $22.1 million issuable in approximately WELL common shares; a 60-day holdback amount of $1.4 million payable in WELL common shares; and a multi-year performance earn-out of up to a maximum aggregate amount of $7.1 million, a portion of which may be issued in WELL common shares.
David Del Balso, President of INSIG commented, “Given the strong level of integration we already enjoy with the WELL team, we believe we will hit the ground running and accelerate our growth in the weeks and months following closing. The combination of our full-stack virtual care platform and WELL’s extensive other healthcare assets and capabilities will give us enormous leverage in a market that is ripe for progress and innovation. Doctors and patients will be benefactors of this strategic event.”
INSIG’s virtual care services are fully integrated with WELL’s OSCAR Pro EMR and used by hundreds of practitioners in WELL’s EMR network. Since its launch on WELL’s apps.health marketplace, INSIG’s virtual care “app” has been one of the most successful apps invoked by clinicians.
The parties have extensive plans to further augment and embed INSIG’s tools and capabilities in WELL’s clinical and digital assets in Canada.
About WELL Health Technologies Corp.
WELL is an omni-channel digital health company whose overarching objective is to empower doctors to provide the best and most advanced care possible while leveraging the latest trends in digital health. As such, WELL owns and operates 20 primary healthcare clinics, is Canada’s third largest digital Electronic Medical Records (EMR) supplier serving over 2,000 medical clinics, operates a leading national telehealth service and is a provider of digital health and cybersecurity related technology solutions. WELL is an acquisitive company that follows a disciplined and accretive capital allocation strategy. To access the Company’s telehealth service, visit https://virtualclinics.ca and for corporate information, visit www.well.company.
INSIG is a privately held Canadian company engaged in developing virtual care platforms, and clinical automation software. INSIG has grown to serve hundreds of physicians and medical practitioners across the country, with over 500,000 patients having used the platform. INSIG’s goal is to remove the administrative burden in medical practice so doctors can focus on what they do best, practice medicine. INSIG wholly-owns Tia Health, a virtual care clinic and marketplace where patients are able to connect to doctors across Canada. Doctors using the INSIG platform are able to join the Tia Health virtual clinic. There are currently over 400 doctors that are part of Tia Health, and the virtual clinic has helped over 100,000 patients in the past year. The goal of Tia Heath is to be the go-to place for any patient to find the care that they need in the Canadian healthcare system. The Tia Health virtual clinic stresses ‘continuity of care’ and approximately 50% of Tia Health’s appointments in the past month have been repeat patients.