CloudMD Closes On $60 Million Acquisition Of VisionPros
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.
As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.
