WELL Health Technologies Corp. (TSX.V: WELL) has added another digital health firm to its growing portfolio. This week, the Canadian company announced it is acquiring Indivica, Inc. for $4.47 million (CA$6.2 million), consisting of CA$3.41 million in cash upon closing; CA$1.55 million in WELL common shares and a time-based earn-out of CA$1.24 million paid within 120 days of closing.
Indivica provides fully hosted electronic medical record (EMR) software and services to more than 390 clinics serving more than 2,000 physicians and medical practitioners in Ontario. On a trailing 12-month basis, Indivica generated approximately US$1.3 million in total revenue, the vast majority from recurring SaaS and support revenues.
With this acquisition, WELL expects to expand its EMR services footprint to approximately 1,900 primary health medical clinics and 10,000 physicians across Canada. Indivica will be WELL’s seventh EMR acquisition, strengthening its position as the third-largest EMR service provider in the country.
WELL Health has been a pretty active buyer in 2020. So far, the company has announced two previous transactions. In early April, it purchased Insig Corporation for US$4.23 million. Insig is develops telemedicine platforms and clinical automation software. It serves hundreds of physicians and medical practitioners across Canada with more than 100,000 patients on its platform. The deal is meant to expand “VirtualClinic+,” its own telehealth program, to healthcare providers and patients across Canada.
Back in February, the company spent a modest sum of US$490,665 for MedBASE Software Inc., which, with its wholly-owned subsidiary WELL EMR Group Inc., provides OSCAR electronic medical record (EMR) services to 61 medical clinics in Ontario. That deal was actually the company’s sixth EMR- and OSCAR-focused acquisition, increasing its EMR footprint to supporting approximately 1,507 primary health medical clinics across Canada. According to our Deal Search Online database, five of those six deals happened in 2019 alone. Targets included OSCARprn for US$876,000, NerdEMR Services Ltd. for US$2.5 million, and Trinity Healthcare Technologies for US$5.4 million.
