- CloudMD Software & Services (DOC) has signed a binding term sheet, a vertically integrated digital eyewear platform that has serviced almost 1 million unique customers across North America
- VisionPros was founded by Dr. Jessy Manhas and is led by a team of eye doctors committed to providing patient-focused vision care
- Increases CloudMD’s annual revenue run rate to over C$85 million
- CloudMD is digitizing the delivery of healthcare by providing a patient-centric approach, with an emphasis on continuity of care
- CloudMD (DOC) is up 3.29 per cent and is trading at C$3.14 at close
CloudMD Software & Services (DOC) has signed a binding term sheet, a vertically integrated digital eyewear platform.
The business model includes a rapidly growing, high-margin e-commerce platform, subscription business and innovative suite of digital vision care tools.
The multi-disciplinary platform also includes a brick-and-mortar clinic, online/in-person dispensary and a lens laboratory that manufactures and distributes lenses to eyecare partners for their own affordable KIND eyewear line.
VisionPros was founded by Dr. Jessy Manhas and is led by a team of eye doctors committed to providing patient-focused vision care and empowering practitioners through its disruptive tele-optometry technology.
VisionPros’ CEO, Dr. Steven Lee, is a pioneer of the online vision tests in the market and developed the first online vision test platform, which remains the current standard in North America.
As part of VisionPros’ commitment to global eye health, VisionPro has contributed to the Eyes for the World charity organization, founded by the principals of VisionPros and dedicated to restoring sight through glasses or surgery and to prevent blindness around the world.
Amongst its contributions, Eyes for the World has helped fund two eye hospitals’ construction and operation – one in India and one in Jamaica.
The e-commerce platform gives CloudMD direct access to almost 1 million unique customer accounts and further secures its footprint across North America.
Dr.Essam Hamza, CEO of CloudMD, commented, “This is a significant acquisition for our business, which not only adds meaningful high margin revenue but also provides us with an established e-commerce platform and almost 1 million customer accounts.
“VisionPros’ disruptive tele-optometry platform aligns with our vision of providing patient-focused, whole-person care and will allow us to leverage a number of our technologies and integrate our solutions into one seamless patient experience,” added Hamza.
Dr. Steven Lee, CEO of VisionPros, also commented, “We are extremely excited to partner with CloudMD and their physician-led team. They share our commitment to providing a patient-centric approach that empowers physicians and engages patients.”
“There are obvious synergies across both health-tech platforms, and we look forward to leveraging those synergies to revolutionize the current system and build a North American leader in healthcare delivery,” concluded Lee.
CloudMD is digitizing healthcare delivery by providing a patient-centric approach, with an emphasis on continuity of care.
VisionPros is a Canadian-based online eyecare platform providing contact lenses and eyeglasses to customers across North America.
CloudMD (DOC) is up 3.29 per cent and is trading at C$3.14 at close.
