Datametrex AI (TSXV: DM) this morning announced that it has signed a definitive agreement to acquire that of Concierge Medical. The announcement follows the news earlier this month, whereby the company announced a binding letter of intent to acquire the private telehealth and medical concierge company.
Upon closing, the company is to become a wholly-owned subsidiary of Datametrex, with the firm to appoint a new board and management team for the telehealth operation. The arrangement will also see a services arrangement entered into with the founder and CEO, Dr Jibran Sharif.
The arrangement will see Datametrex acquire the company in an all share transaction, valued at $750,000. Shares are to be issued under the arrangement at the market price of the equity 72 hours prior to the closing of the acquisition. The acquisition remains subject to TSX Venture approval.
“Concierge Medical’s successful track record, rich patient relationships and emerging medical technology expertise and integration of Datametrex’s artificial intelligence (AI) technology, make this transaction an ideal fit as we launch our telehealth service platform. This transaction is very attractive and will add to the company’s cash flow over time.”
Marshall Gunter, CEO of Datametrex AI
Founded in 2018, Concierge is a telehealth and urgent medical care platform, focused on the idea that urgent care does not need to happen just in the emergency room at a doctors office. The company is currently revenue generating via a subscription model that is offered to workplaces as well as consumers.
Datametrex AI last traded at $0.19 on the TSX Venture.
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