- CloudMD (DOC) has closed its acquisition of VisionPros, a rapidly growing digital eyewear platform
- VisionPros’ 2020 revenue surpassed C$22 million with an adjusted EBITDA margin exceeding 10 per cent
- The company is vertically integrated and has serviced almost 1 million unique customers across North America
- CloudMD believes that VisionPros’ digital platform affords significant opportunities for cross-selling and integration
- CloudMD is building a connected platform that addresses all points of a patient’s health care journey
- CloudMD Software and Services (DOC) is trading flat at $1.88 per share
CloudMD (DOC) has closed its acquisition of VisionPros, a rapidly growing digital eyewear platform.
Highlights
- VisionPros is vertically integrated and has serviced almost 1 million unique customers across North America
- The company’s 2020 revenue surpassed C$22 million with an adjusted EBITDA margin exceeding 10 per cent
- The company delivers contact lenses and glasses at a fraction of the cost of traditional retail optical stores
- The scalable business model includes an e-commerce platform and an innovative suite of digital vision care tools
- The company also offers a competitive subscription option, a brick-and-mortar clinic and its own affordable eyewear line
CloudMD believes that VisionPros’ digital platform affords significant opportunities for cross-selling and integration.
Terms of acquisition
CloudMD acquired VisionPros for $30 million in cash and $30 million in CloudMD common shares priced at $2.75 per share. The company may also pay a performance-based earnout up to $40 million.
In addition, CloudMD may pay up to $20 million upon the development of certain new technologies prior to December 31, 2022.
CloudMD is building a connected platform that addresses all points of a patient’s health care journey.
CloudMD Software and Services (DOC) is trading flat at $1.88 per share as of 9:31 am ET.
