HEALWELL gains $50M to support Orion purchase

TORONTO – HEALWELL AI Inc., a healthcare artificial intelligence company focused on preventative care, is pleased to announce that it has entered into a $50 million credit agreement to support the proposed acquisition of and subsequent use by Orion Health Holdings Limited. Orion Health is a global Healthcare Intelligence Platform providing high value subscription licenses and services to healthcare authorities and governments for digital health record access, data interoperability, digital front door, population health insights and other services.

The credit facilities will be provided by a syndicate consisting of The Bank of Nova Scotia as sole bookrunner, admin agent, and co-lead arranger, and Royal Bank of Canada as co-lead arranger.

The credit agreement provides for a $20 million term loan and a $30 million revolving credit facility, for total aggregate proceeds of $50 million, together with an additional uncommitted future accordion feature of up to $25 million.

Dr. Alexander Dobranowski (pictured), CEO of HEALWELL, commented, “We are very pleased to have mutually agreed to triggering the mechanical closing process with Orion and look forward to updating our shareholders on or around April 1st on the close of our transaction and welcoming the Orion team to the HEALWELL family. This is a major step for HEALWELL and we truly appreciate the tremendous support we’ve received from investors on this important transaction.”

Between the credit agreement and the capital raised in the company’s recently completed subscription receipt financings, the company has financing arrangements for over $100 million in place to support its acquisition of Orion Health.

Anthony Lam, CFO of HEALWELL, commented, “We are pleased to announce this significant milestone for HEALWELL as we look to close on our announced acquisition of Orion Health. Securing this credit facility will solidify our balance sheet and provide us with the financial stability needed to execute on our strategic growth initiatives. It is particularly validating to have the support of two top tier Canadian banks, Scotiabank and RBC, who recognize the strength of our business and our strategic direction.”

Orion Health is a leader in global healthcare technology, with over 70 worldwide customers in 11 countries. Orion Health’s software solutions currently serve a population approaching 150 million lives globally, which will materially expand HEALWELL’s footprint to execute against its mission of early disease detection.

The acquisition of Orion Health will provide HEALWELL with a significant multi-jurisdictional platform to deliver its best-in-class AI-driven solutions by integrating them with Orion Health’s advanced healthcare data infrastructure capabilities. The acquisition will also significantly scale HEALWELL’s platform by deepening its penetration into the public sector, supported by Orion Health’s long-standing government relationships and broader customer base.

About HEALWELL AI
HEALWELL is a healthcare artificial intelligence company focused on preventative care. Its mission is to improve healthcare and save lives through early identification and detection of disease. Using its own proprietary technology, the Company is developing and commercializing advanced clinical decision support systems that can help healthcare providers detect rare and chronic diseases, improve efficiency of their practice and ultimately help improve patient health outcomes. HEALWELL is executing a strategy centered around developing and acquiring technology and clinical sciences capabilities that complement the company’s road map.