WELL Health to acquire Adracare
December 22, 2020
VANCOUVER and TORONTO – WELL Health Technologies Corp., a Vancouver-based company focused on modernizing clinical and digital assets in the healthcare sector, announced that it intends to acquire Adracare Inc.
Adracare is an omni-channel practice management platform serving over 6,800 healthcare practitioners in Canada, the United States, the United Kingdom, Australia and New Zealand. Adracare’s largest customer sectors include mental health, medicinal cannabis and physical therapy.
The Adracare platform was built to support providers of all sizes from SMB to large enterprises. Currently some of the largest physiotherapy and medicinal cannabis companies in Canada use and private label the Adracare platform to support their customers.
Adracare’s platform provides for the ability to enable enterprise customers with private labeled consumer and provider apps available through the Apple iOS and Google Play app stores.
“We’re thrilled at the prospect of welcoming Olivier Giner (pictured), CEO of Adracare, and the rest of the talented Adracare team to the Well family,” said Hamed Shahbazi, chairman and CEO of WELL. “Adracare is a complementary offering to our existing EMR and telehealth software revenue streams and broadens our technology solutions into markets that we currently don’t serve such as mental health and cannabis therapy.”
WELL has agreed to pay a purchase price of approximately $4.75 million in cash.
Olivier Giner, CEO of Adracare commented, “Adracare’s practice management platform is feature rich and highly capable. It is a modern platform built with robust telehealth capabilities. We believe this platform will be highly synergistic with WELL’s burgeoning EMR, telehealth and allied health businesses.”
Based in Toronto, Adracare is engaged in the business of providing secure clinic management, telehealth and practice management software related services to clients in five countries consisting of Canada, the United States, the United Kingdom, Australia and New Zealand.
Adracare’s software supports various practices including mental health, physiotherapy, nutrition, medicinal cannabis, audiology and speech pathology, and occupational health. Through its software, medical professionals are able to connect with patients anytime through Adracare’s all-in-one, virtual HIPAA-compliant platform.
The Adracare platform booked more than 93,000 appointments in the last quarter, supporting more than 179,000 patients. Post-closing, Adracare is expected to be operated by its current CEO, Olivier Giner.