CloudMD Software & Services (TSXV: DOC) this morning announced the closing of the acquisition of VisionPros in a transaction pegged at an initial figure of $60 million. The firm is focused on providing a vertically integrated digital eyewear platform to consumers.
With a user base reportedly near 1.0 million consumers, VisionPros provides contact lenses and glasses to consumers via an e-commerce platform, in addition to owning a physical clinic and lens laboratory for the manufacturing and distribution of lenses. The company reportedly experienced 2020 revenues of $22 million, with adjusted EBITDA margins of roughly 10%.
Under the terms of the acquisition, the company was acquired for $60 million, split equally between cash and common shares, with the shares issued at a price of $2.75 per share. An earnout provision of up to an additional $40 million is also applicable, which is payable based on certain revenue targets and R&D initiatives.
CloudMD last traded at $1.88 on the TSX Venture.
Information for this briefing was found via Sedar and CloudMD Software & Services. The author has no securities related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
