Well Health (TSX: WELL) this morning continued with its strategy of growth by acquisition. The firm announced that it has entered a definitive agreement to acquire Aware MD, an outpatient EMR that is focused on cardiology.
The firms EMR platform, known as Cerebrum, is said to be the largest in Canada specific to cardiology, and is focused largely on the Ontario market. The platform is behind Well Health’s MyHealth business, with the two platforms to now become fully integrated.
Financially, Aware MD is said to EBITDA profitable, while generating roughly $2.0 million in revenue on a trailing twelve month basis. The company has reportedly seen “double digit growth rates.”
Under the terms of the arrangement, the firm is to be acquired for a total figure of C$4.5 million, with an additional earn-out arrangement of up to C$3.5 million that is payable in cash. The transaction is slated to close early in the fourth quarter.
Well Health last traded at $7.64 on the TSX.
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