CloudMD Software & Services Inc. (OTCMKTS: DOCRF) just keeps rolling out new deals and acquisitions. The company has been very active this year, with six acquisitions on the books so far across various sectors, according to search results in our Deal Search Online database. Last week, CloudMD acquired Toronto-based iMD Health Global Corp. for $4.58 million, or $3.38 million in CloudMD shares and $1.2 million in cash.
CloudMD offers SAAS based health technology solutions to medical clinics across Canada. It was formed in 2013 and was formerly known as Premier Health Group.
iMD’s digital patient engagement platform is used by healthcare professionals (including doctors, nurses, pharmacists and allied health professionals), to provide factual medical information that promotes positive patient behavior in all health sectors.
The acquisition of iMD is synergistic with CloudMD’s platform. iMD’s educational platform will enable CloudMD to provide its entire network of over 3,000 healthcare practitioners, specialists and allied health professionals and almost 3 million patients with valuable educational resources on healthcare issues, treatments and preventative solutions.
The deal especially complements CloudMD’s recent acquisition of Re:Function Health Group Inc., a leading rehabilitation clinic network, with 7 clinics and 35 behavioral health specialists and allied health professionals across British Columbia for $3.4 million.
CloudMD also purchased two clinics in August that would benefit from iMD’s platform. The company bought West Mississauga Medical Ltd. in Ontario for a little over $150,000 and a chronic care clinic in Mississippi for an undisclosed sum. In July, CloudMD bought Snapclarity Inc., an on-demand digital platform that provides an assessment for an individual’s personal risk of mental health disorders, for $2.46 million.