CloudMD Software & Services Inc., - CEO, Dr Essam Hamza.
CEO, Dr Essam Hamza.
Source: The Vancouver Sun.
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  • CloudMD Software & Services (DOC) has completed its acquisition of MindBeacon Holdings
  • The companies have already started to integrate MindBeacon’s healthcare solutions into CloudMD’s broad continuum of care
  • Combined with CloudMD, MindBeacon’s digital health platform is expected to be one of North America’s leading fully-integrated health offerings
  • CloudMD Software & Services is digitizing the delivery of healthcare by providing patients access to all points of their care from their phone, tablet, or desktop computer
  • Shares in CloudMD (DOC) are up 1.03 per cent, trading at $0.98 per share

CloudMD Software & Services Inc. (DOC) has completed its previously announced acquisition of MindBeacon Holdings.

MindBeacon’s robust digital mental healthcare platform, combined with its network of over 500 licensed therapists and advanced clinical psychologists, offers a full continuum of care centred around providing users with the freedom to choose how, when and where they engage with support.

MindBeacon has pioneered the digital delivery of evidence-based therapy through a computer or mobile device. As a result, over 50,000 people have been treated by MindBeacon’s therapist-assisted internet-based cognitive behavioural therapy.

Combined with CloudMD, the digital health platform is expected to be one of North America’s leading fully-integrated health offerings.

The merge is expected to create “significant” cross-selling opportunities for CloudMD through a combined network of 5,500 corporate clients, over 5 million lives, and extensive government contracts.

The global behavioural healthcare market is expected to grow to US$242 billion by 2027, with a compounded annual growth rate of 5.02% between 2020 and 2027, according to a recent report by Precedence Research.

The companies have already started to integrate MindBeacon’s healthcare solutions into CloudMD’s broad continuum of care, and management anticipates that the acquisition will generate significant run-rate synergies beginning in the first quarter of this year.

CloudMD’s current overall cost synergies, including MindBeacon, now exceed $4 million.

In conjunction with the acquisition, each MindBeacon shareholder is entitled to receive $1.22 cash plus 2.285 common shares of CloudMD. The company has also added MindBeacon’s former CFO, John Plunkett, and former president and CCO, Adam Kelly, to its management team.

CloudMD Software & Services is digitizing the delivery of healthcare by providing patients access to all points of their care from their phone, tablet, or desktop computer.

Shares in CloudMD (DOC) are up 1.03 per cent, trading at $0.98 per share as of 10:24 am EST.

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