British Columbia is probably not tops on your list of places that feature health care deals. You’d be right, of course. American states like California, Massachusetts and Texas routinely weigh in with the most transactions per month. January 2019 is different, however, in the digital health sector.
Two transactions in the eHealth sector were announced in the first three weeks of the month. One even disclosed a price, which is another surprise. NerdEMR Services Ltd., based in North Vancouver, was acquired by WELL Health Technologies (TSX.V: WELL), formerly known as Wellness Lifestyles Inc. for $2.55 million. WELL owns and operates a portfolio of primary healthcare facilities. On a trailing 12-month basis, it generated revenue of $3.23 million ($4.4 million CAD).
NerdEMR offers services on the Open Source Clinical Resource (OSCAR) platform, an electronic medical record program that handles patient records, scheduling, prescription management and billing. Through that platform, it assists 220 clinics and supports more than 4.5 million patients in Canada. This deal also included the acquisition of Butterfly Medical Limited, which owns certain intellectual property concerning the consolidation of EMR companies related to the OSCAR platform.
The second deal to go down in beautiful B.C. was for Telemediq, a clinical communication and collaboration platform based in Victoria. The buyer is PerfectServe, a portfolio company of K1 Investment Management since 2018. The Knoxville, Tennessee-based buyer provides secure cloud-based clinical communition and collaboration solutions.
Another deal went down in the province, but in a different sector. Whistler Medical Marijuana Corporation, one of Canada’s original 10 licensed cannabis producers, was acquired in an all-stock transaction by another Canadian cannabis dealer, Aurora Cannabis Inc. (NSYE: ACB). Financial details weren’t disclosed, naturally.