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 announced a settlement agreement with the former owners of VisionPros following a review of the company’s acquisition
  • The settlement reduces the purchase consideration paid for VisionPros, its online vision care platform, by $14.6 million and removes any future earnout payments
  • The holdback amounts of $3 million and 1,090,909 common shares of the company that were held in escrow as part of the original acquisition of will be released to CloudMD
  • Another 4,909,092 of CloudMD’s common shares issued to the sellers on the closing of the acquisition will be returned to the company
  • CloudMD Software & Services Inc. (DOC) is trading steady at $0.38 per share as of 11:10 a.m. ET

CloudMD Software & Services (DOC) has announced a settlement agreement with the former owners of VisionPros regarding the company’s acquisition of VisionPros.

The settlement reduces the purchase consideration paid for VisionPros, its online vision care platform, by $14.6 million and removes any future earnout payments.

Under the agreement, the holdback amounts of $3 million and 1,090,909 common shares of the company that were held in escrow as part of the original acquisition of will be released to CloudMD.

Another 4,909,092 of CloudMD’s common shares issued to the sellers on the closing of the acquisition will be returned to the company.

CloudMD will not proceed with the technology relating to online eye exams and will assign the appropriate intellectual property rights back to VisionPros’ original owners.

In June, CloudMD announced that it had initiated product sales on its vision care platform, VisionPros, in the United States, for the first time since Q4 2021.

CloudMD is a healthcare technology and innovative health services company.

CloudMD Software & Services Inc. (DOC) is trading steady at $0.38 per share as of 11:10 a.m. ET.


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