- CloudMD (DOC) has closed its acquisition of IDYA4 and rolled out its substance use disorder platform in North America
- CloudMD paid US$14.8 million for a 100 per cent interest in IDYA4
- IDYA4 is a health technology company focused on data interoperability and cybersecurity
- IDYA4 is the technology backbone of CloudMD’s integration of its healthcare solutions
- IDYA4’s substance use disorder platform facilitates access to patient data to find treatments conducive toward successful rehabilitation
- CloudMD offers SAAS-based technology solutions to healthcare providers across North America
- CloudMD Software and Services (DOC) is down 3.73 per cent and is currently trading at C$1.93 per share
CloudMD (DOC) has closed its acquisition of IDYA4 and rolled out its substance use disorder platform in North America.
IDYA4 is a health technology company focused on data interoperability and cybersecurity.
Its clients include the US Department of Justice, the US Department of Homeland Security, US Health and Human Services and National Intelligence.
CloudMD paid US$14.8 million for a 100 per cent interest in IDYA4, including US$3.7 million in cash, US$6.66 million in CloudMD common shares and a performance-based earnout.
IDYA4 generated approximately US$4.4 million in revenues with EBITDA margins exceeding 31 per cent over the 12 months ending December 31, 2020.
CloudMD expects IDYA4 to achieve an annual pro forma revenue growth rate greater than 45 per cent calculated based on expected revenue greater than US$6 million in 2021 and US$8.5 million in 2022.
A total of US$4.44 million of the total acquisition price is based on two performance-based earnouts, 15 per cent each, that are contingent on meeting these forecasted revenue targets.
IDYA4 is the technology backbone of CloudMD’s integration of its healthcare solutions providing one digitally-connected and patient-focused platform.
Initial stages of the integration are well underway and IDYA4 is already integrated with Snapclarity, Livecare and iMD Health.
CloudMD will be deploying a fully-unified product offering to partners and enterprise clients within the next few months.
Upon closing of the acquisition, CloudMD will also focus on the continued expansion of IDYA4’s Real-Time Intervention Platform for Substance Use Disorder.
The platform, operational in 38 states, facilitates access to patient health data to choose treatments conducive toward successful rehabilitation.
The company plans on expanding and scaling the platform further across the United States and in Canada.
Dr. Amit Mathur, President of CloudMD, commented,
“We are very excited to close the acquisition of IDYA4 as it provides us with the technology backbone for our integrated health services platform, which connects all our healthtech solutions into one seamless experience.
Equally exciting is our ability to scale across North America with programs like the Substance Use Disorder platform and already established partnerships at the highest level of government agencies.
We will use the RTIP platform to provide similar solutions in Canada to assist in addressing the enormous issue of opioid and substance use made even worse as a result of the COVID-19 pandemic.”
IDYA4 is a health data integration and data security company working to transform businesses through improved data management, security and integration.
CloudMD offers SAAS-based technology solutions to healthcare providers across North America.
CloudMD Software and Services (DOC) is down 3.73 per cent and is currently trading at C$1.93 per share as of 12:04 pm ET.
