WELL Health acquiring 5 clinics in Calgary

VANCOUVER – WELL Health Technologies Corp., a digital health company, announced it intends to acquire MCI Medical Clinics (Alberta) Inc. (MCI AB) from MCI Onehealth Technologies Inc. MCI AB owns and operates five primary care clinics in Calgary, Alberta.

The five clinics, located in in the greater Calgary area, offer a range of primary care services, including family medicine, women’s health, and other specialties.

The acquisition brings more than 50 physicians to the WELL family as part of the transaction, adding to WELL’s over 3,000 providers in WELL’s patient services business units across North America. These clinics will be integrated into WELL’s existing primary care clinic network.

“We are very pleased to announce the acquisition of additional primary care clinics in Calgary, as it represents an excellent opportunity for us to expand and bring our comprehensive practitioner enablement platform to more providers in Alberta,” said Hamed Shahbazi (pictured), CEO of WELL.

The acquisition of these well-known and regarded primary care clinics in Calgary marks a significant milestone in WELL’s national clinic expansion strategy, and builds upon WELL’s previous acquisitions in Alberta, such as Inliv and CloudPractice.

The five clinics are expected to collectively contribute approximately $10 million of annual revenue.
Following the completion of the transaction, WELL will integrate leading edge software and workflows, such as WELL AI Voice1, from its Practitioner Enablement Platform.

The consideration to be paid by WELL in connection with the Transaction is $2 million, with $1 million being paid in cash at signing, and the balance subject to customary post-closing adjustments and holdbacks.

The transaction will be a debt free deal. Closing of the transaction is expected in Q2 2023 and is subject to standard closing conditions.

WELL AI Voice is an AI-powered ambient scribe recently launched under the WELLHealth.ai program.

About WELL
WELL is a practitioner-focused digital healthcare company. WELL’s overarching mission is to positively impact health outcomes by leveraging technology to empower healthcare practitioners and their patients globally. WELL exists to enable healthcare practitioners with best-in-class technology and services. WELL has built a comprehensive end-to-end healthcare system across Canada, including the nation’s largest network of clinics supporting primary care, specialized care, and diagnostics services. In the United States, WELL provides omni-channel healthcare services and solutions targeting specialized markets such as the gastrointestinal market, women’s health, primary care, and mental disorders. In addition to providing patient services, WELL develops, integrates, and sells its own suite of technology software and solutions to medical clinics and healthcare practitioners. To learn more about the company, please visit www.well.company.