Source: Vimeo
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Kovo HealthTech (KOVO) continued to advance its organic growth strategy as it completed several strategic acquisitions
  • The company acquired Nevada-based RPM Billing in March 2020 and since has acquired Nebraska-based Midwest Medical Billing
  • Kovo attributes its 94 per cent year-over-year revenue growth to its acquisition strategy
  • The company has also announced new agreements with its partners for additional financing
  • Kovo HealthTech is a growing healthcare technology company that specializes in billing-as-a-service
  • Shares in Kovo HealthTech Corporation (KOVO) are up 4.41 per cent, trading at $0.355 per share

Kovo HealthTech (KOVO) continued to advance its organic growth strategy as it completed several strategic acquisitions.

The company acquired Nevada-based RPM Billing in March 2020, leading to four times the revenue growth: from US$1.4 million to $5.7 million year-over-year.

Greg Noble, Kovo CEO, attributes the strong revenue performance to “the RPM team’s leadership and customer service excellence combined with Kovo technology and operational efficiencies that are driving faster payments for clients and better overall profitability for the company.”

Kovo also saw strong revenue growth in its newest acquisitions. Since acquiring Nebraska-based Midwest Medical Billing, the newly acquired company’s revenues have increased by more than 30 per cent to date.

“Kovo continues to be fueled by a combination of strong organic growth in our core business and a disciplined acquisition strategy,” said Mr. Noble, “which targets buying $1 of ARR for every $1 investment of debt or equity to deliver immediate accretive growth for shareholders with minimal dilution.”

The company’s strategy has indeed led to organic growth, and Kovo attributes its 94 per cent year-over-year revenue growth to its acquisition strategy.

As it continues to advance its strategy, Kovo has announced new agreements with its partners for additional financing.

The company has entered into a shares for debt agreement with strategic acquisitions partner Lawrence, Evans & Co. that, pending TSXV approval, will convert US$43,480 into approximately 140,513 common shares at C$0.40.

Kovo HealthTech is a growing healthcare technology company that specializes in billing-as-a-service.

The company helps healthcare providers seamlessly digitally track and manage complex patient care registration, services, billing, and payments using its proprietary OneRev technology platform.

Shares in Kovo HealthTech Corporation (KOVO) are up 4.41 per cent, trading at $0.355 per share as of 9:30 am EST.

More From The Market Herald

" Micromem Technologies (CSE:MRM) closes private placement

Micromem Technologies (MRM) has closed a private placement for gross proceeds of $282,000.
PyroGenesis - Vice President of Sales, Massimo Dattilo.

" PyroGenesis (TSX:PYR) completes titanium powder order from Aubert & Duval

PyroGenesis (PYR) has completed a 100 kg titanium powder order from Aubert & Duval.

" Adamant Global Holdings (CSE:ADMT) releases 2021 results

Adamant (ADMT) has released its 2021 financial results headlined by significant revenue growth.

" Buzz on the Bullboards: The Larger the Hubs, the Heavier the Debates

Several of Stockhouse’s larger Bullboard hubs have set off serious debates on the future direction of some companies following significant moves this past