WELL Health Technologies Corp. (TSXV: WELL) announced it has entered into a purchase agreement for Oscarservice Inc. D.B.A. Trinity Healthcare Technologies (“Trinity“).
Founded in 2007 and based in Mississauga, Ontario, Trinity is a provider of OSCAR (Open Source Clinical Application Resource) based Electronic Medical Records “EMR” software and services.
Trinity focuses on digitizing the communication and workflow between a physician’s office and the rest of the healthcare system.
The Trinity acquisition adds over 500 clinics in Ontario, supporting more than 2,280 physicians and healthcare practitioners.
WELL is paying approximately $7.2 million for Trinity, consisting of an upfront $4.7 million cash payment, $1.4 million in WELL shares, and a 2-year earn-out of $1.1 million. WELL plans to finance the acquisition with cash on hand.
The Company is managed by CEO, Hamed Shahbazi, whose last company, TIO Network was successfully sold to PayPal for over $300M.
Their corporate mission is to leverage technology to empower and support patients and doctors. WELL’s clinic portfolio consists of 20 clinics supporting 180 doctors. WELL is currently on an acquisition spree to consolidate the EMR marketplace and is currently the third largest EMR service provider in Canada.
Trinity is WELL’s fifth acquisition in Canada’s OSCAR EMR marketplace this year. With their recent acquisitions, WELL expects to increase its EMR business to approximately 1,446 healthcare clinics servicing over 8,280 physicians and healthcare practitioners across Canada.
M&A Transactions
Transactions since January 1 include:
- Nerd EMR Services Ltd. and Butterfly Medical Limited: Provides OSCAR software to approximately 220 medical clinics and supports approximately 2,000 registered practitioners, 1,700 staff and 4.85 million registered patients.
- OSCARprn: Provides SaaS (Software as a Service) OSCAR EMR services to approximately 71 clinics in British Columbia, supporting approximately 820 registered doctors and practitioners, and over 800,000 patients.
- KAI Innovations: Canada’s largest provider of OSCAR EMR Services to approximately 560 clinics in Ontario, supporting approximately 2,100 registered doctors and practitioners, and over 10.0 million patients.
- SleepWorks Medical Inc.: Provides services for patients who suffer from sleep disorders.
- OSCARwest: A provider of OSCAR EMR services to 90 medical clinics in British Columbia, supporting over 1,100 registered physicians and practitioners.
- Spring Medical Centre: B.C. provider of integrative health services, offering a wide range of services to patients all in one location.
2019 Financings
To help finance their acquisitions, WELL has received strong support from the investment community, WELL Management’s team and Hong Kong investment financier, Mr. Li Ka‐shing:
- March 2019: WELL closed a $2.7 million non‐brokered private placement.
- May 2019: WELL closed an $11.5 million bought deal of Convertible Debentures.
- August 2019: WELL closed a bought deal private placement of Special Warrants for $15.0 million.
//
WELL Health Technologies (TSXV:WELL)
- well.company
- Headquartered in Vancouver, Canada, WELL Health Technologies owns and operates nineteen primary healthcare facilities, is a majority owner of SleepWorks Medical, and provides digital EMR software & services to approximately 852 medical clinics across Canada.
- WELL Health Technologies is currently trading at $1.46 with a market cap of $158.9 million.
WELL Health 1-Year Stock Chart – Up 224%
