WELL Health completes majority acquisition of WISP
October 6, 2021
VANCOUVER – WELL Health Technologies Corp., a company focused on empowering healthcare practitioners and their patients with best in class tech enabled healthcare services, announced it has completed the previously announced acquisition of a majority interest in WISP, a U.S. technology leader and innovator in the delivery of quality virtual care and e-pharmacy experiences specializing in women’s health, for a total transaction value of approximately US$41.3 million, which includes a future conditional earn-out of up to approximately US$7.4 million.
Hamed Shahbazi, CEO and founder of WELL commented, “Serving the rapidly growing women’s health market with the inclusive, dignified, accessible, high quality and patient centric level of care WISP provides, is directly in line with WELL’s purpose and we are very pleased to complete this transaction and work with management to help drive the next level of growth.”
Matthew Swartz (pictured), CEO and founder of WISP commented, “WELL has a compelling history of growth, innovation and serving the underserved, and we’re thrilled to be joining their family. We’re humbled to be able to provide care to so many patients when they’ve needed support, and we’re excited to continue serving women and all humans, both in the U.S. and internationally, as we grow.”
WISP has created a national telehealth and e-pharmacy presence, serving all 50 US states. WISP has served 200,000 patients to date, and offers both telehealth medical consultations, as well as prescription and natural medications. By offering discrete, timely access to treatments for ailments such as yeast infections, UTI’s, herpes, and other ailments related to sexual health, WISP has created a strong relationship with its customers, resulting in greater than 50% returning/subscription revenue, and NPS scores of 79. WISP’s rapidly growing digital revenue strengthens WELL’s digital portfolio and organic growth profile.
The combination of growing demand for e-pharmacy and virtual care services offers robust market tailwinds that the WISP platform is poised to benefit from. For instance, WISP operates in the online pharmacy industry that, according to IBISWorld, is anticipated to showcase 16% CAGR and reach over $60 billion on a global basis by 2025. Furthermore, telehealth services have seen a nearly 40x increase from pre-pandemic levels according to recent studies from McKinsey.
About WELL Health Technologies Corp.
WELL is a technology enabled healthcare company whose overarching objective is to positively impact health outcomes to empower and support healthcare practitioners and their patients. WELL has built an innovative practitioner enablement platform that includes comprehensive end to end practice management tools inclusive of virtual care and digital patient engagement capabilities as well as Electronic Medical Records (EMR), Revenue Cycle Management (RCM) and data protection services. WELL uses this platform to power healthcare practitioners both inside and outside of WELL’s own omni-channel patient services offerings. As such, WELL owns and operates Canada’s largest network of outpatient medical clinics serving primary and specialized healthcare services and is the provider of a leading multi-national, multi-disciplinary telehealth offering. WELL is publicly traded on the Toronto Stock Exchange under the symbol “WELL” and is part of the TSX Composite Index. To learn more, please visit www.well.company.
Founded in 2018, WISP offers budget-friendly telehealth access for primary care, prescription medication and natural remedies to all humans regardless of health insurance. WISP specializes in female focused online reproduction and sexual health treatment. WISP offers an easier, more accessible, and more satisfying sexual healthcare experience to its customers. WISP began by offering discreet sexual health treatment and has grown to offer a comprehensive menu of online products and services, including prescription treatment, OTC prevention, primary care consultations, contraception delivery, and more. To learn more, please visit www.hellowisp.com.