CloudMD to acquire digital platform MindBeacon
November 17, 2021
VANCOUVER and TORONTO – CloudMD Software & Services and MindBeacon Holdings jointly announce an agreement under which CloudMD will acquire all of MindBeacon’s issued and outstanding common shares.
MindBeacon is a leading digital mental healthcare platform that provides a continuum of care, focusing on iCBT, which is an effective therapy provided through a computer or a mobile device. iCBT has become a fast-growing intervention channel compared to conventional psychotherapy.
MindBeacon’s platform provides a cost-effective, stigma-reducing avenue to deliver mental health therapy that complements CloudMD’s holistic, integrated offering. MindBeacon has established relationships across a broad spectrum of B2C and B2B distribution channels, including healthcare providers, employers and governments. They deliver positive outcomes, with 82% of iCBT clients reporting self-improvement in mental health, and 67% reporting clinically significant improvement.
The addition of MindBeacon to CloudMD is expected to be beneficial for multiple reasons, including:
- Combined digital health platform expected to be one of North America’s leading fully-integrated health offerings, with a clinically-validated, broad continuum of care to address mild, moderate, acute and chronic mental and physical care.
- MindBeacon’s mental health services will be integrated into CloudMD’s Comprehensive Integrated Health Services Platform, which is expected to amplify the reach and expand the breadth of interactive technologies and tool sets within behavioural health to support clients with longitudinal multi-dimensional care, and data interoperability is expected to provide additional data around healthcare outcomes and improve network effects.
- Significant cross selling opportunities through a combined network of 5,500 corporate clients, over 5 million lives, and extensive government contracts.
- Drives U.S. expansion potential through additional capabilities, modalities, cross selling synergies and MindBeacon’s recent acquisition of a U.S.-based mental health provider.
- Leverage CloudMD’s Digital Health Services division and network of over 20,000 regulated healthcare professionals to promote MindBeacon’s “Beacon in a Box” white label iCBT SaaS offering.
“We continue to rapidly execute on our product roadmap through strategic acquisitions to build a leading North American healthcare and wellness offering. MindBeacon’s mental health services and iCBT platform adds another important capability to our robust healthcare ecosystem and further positions us with a leading, clinically-validated mental health solution,” said Dr. Essam Hamza (pictured), CEO of CloudMD.
“Our proprietary, integrated end-to-end healthcare offering focuses on whole-person care that addresses the comorbidities between mental and physical care. By uniting traditionally siloed care, we are able to better leverage data to inform and provide improved patient outcomes. As a doctor, I’m heartened by the fact that we are realizing one of CloudMD’s founding principals of having a full tech-enabled patient-centric ecosystem that is already demonstrating measurable improved outcomes for patients.”
“The need for mental health treatment is accelerating daily. Further, its impact on physical health and chronic conditions is also well known. Unfortunately, traditional methods of care are ineffective due to restrictive access, exorbitant costs, and ingrained stigma. Governments and employers are looking for an end-to-end solution that treats the whole person,” said Dan Clark, CEO of MindBeacon. “MindBeacon’s proven effectiveness in leveraging technology, data science and personalized, multi-modal treatment to improve mental health outcomes has set us apart. Now, combined with CloudMD’s, end-to-end, whole-person care, our integrated solutions are truly unique and world-class. I’m excited about our future together and believe CloudMD is the ideal partner for our collective patients, customers and shareholders.”
CloudMD is transforming the delivery of healthcare using technology and by providing a patient-centric approach, with an emphasis on continuity of care. Through CloudMD’s proprietary technology, the company delivers quality healthcare through a holistic offering including hybrid primary care clinics, specialist care, telemedicine, mental health support, healthcare navigation, educational resources, and artificial intelligence (AI). CloudMD’s Enterprise Health Solutions Division includes the leading Student Assistance Program and one of the top 4 Employee Assistance Programs in Canada and offers one comprehensive, digitally connected platform for educational institutions, corporations, insurers, and advisors to better manage the health and wellness of their students, employees, and customers. For more information visit https://investors.cloudmd.ca.
MindBeacon provides a continuum of mental healthcare that includes self-guided psychoeducational and wellness content, Peer-to-Peer Support, Therapist Guided Programs and Live Therapy Sessions all offered virtually through its secure and private platform. As one of the first commercially available, digitally-native platforms to offer therapist-assisted internet-based Cognitive Behavioural Therapy in Canada, MindBeacon’s professional service is designed around end users – their health, their way. Working with employers, insurance carriers and government ministries, MindBeacon offers services that are accessible, available, affordable and, most importantly, proven to be effective. MindBeacon is changing the therapy landscape by making professional care available to every person, no matter when, where and how they choose to access it.