WELL Health Technologies Corp. (TSX.V: WELL) has been on an acquisition marathon this year. The company has announced six transactions so far, based on search results from our HealthCareMandA.com Deal Database, including a new deal this week for Toronto-based INSIG Corporation. INSIG is a virtual care platform with a SaaS-enabled marketplace currently supporting over 2,800 healthcare practitioners. The platform has performed approximately 200,000 virtual care appointments in the last 90 days and has been used by over 500,000 patients since its inception.
WELL Health is a digital health company leveraging the latest technology and trends in digital health. It owns and operates 20 primary healthcare medical clinics, is Canada’s third-largest EMR supplier serving over 2,000 medical clinics, operates a leading national telehealth service and is a provider of digital health technology solutions.
WELL had previously developed its telehealth program known as VirtualClinic+ on INSIG’s full-stack platform and tools. WELL already owned roughly 40% of INSIG and is now acquiring the remaining 60% of the company for CAD $22.1 million, consisting of 2,836,444 WELL common shares at CAD $7.79 per share. The price is roughly USD $17 million.
The deal is complementary to WELL Health’s two recent acquisitions. In late October, the company bought Easy Allied, a progressive healthcare company that is comprised of a network of allied health professionals focusing on supporting patients in the fields of physiotherapy, occupational therapy, kinesiology and counseling. The deal was valued at a small sum of just under $844,000, but WELL Health will be able to pair up Easy Allied’s physical clinics and locations with its newly expanded telehealth platform.
In early September, WELL Health pushed into the U.S. market with its purchase of San Francisco-based Circle Medical for $14 million. Circle Medical is a national U.S. telehealth provider that has delivered virtual primary healthcare services in 35 states in the past 100 days and plans to extend its telehealth services to the majority of the remaining states within the next few months. The acquisition is WELL Health’s entrance into the growing U.S. market, which is more than 17 times greater than the Canadian healthcare market.