WELL Health Technologies Corp., - CEO, Hamed Shahbazi
CEO, Hamed Shahbazi
Source: cantechletter.com
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  • WELL Health Technologies (TSX:WELL) subsidiary, WELL EMR Group, has completed the acquisition of MedBASE Software, and its OSCAR EMR service
  • The company paid an aggregate purchase price of C$650,000 for the acquisition
  • WELL Health’s acquisition of MedBASE makes it the third largest EMR service provider in Canada
  • The acquisition could generate approximately $150,000 in annual earnings
  • WELL Health is up 10.91 per cent, and is currently trading for $2.44 per share

WELL Health Technologies (TSX:WELL) subsidiary, WELL EMR Group, has completed the acquisition of MedBASE Software, and its OSCAR EMR service.

The subsidiary finalised the purchase by acquiring all of the issued and outstanding shares in the capital of MedBASE. 

The company paid an aggregate purchase price of C$650,000, half of which was a cash payment. This was followed by $162,500, paid by issuing 85,526 common shares in the company. The remainder was a time-based earn out of $162,000. WELL Health will pay this earn out in quarterly cash instalments over three years. 

All of the shares issued in the transaction are subject to a restricted period of four months and one day.

OSCAR, or Open Source Clinical Application Resource, is an electronic medical record (EMR) system. MedBASE provides OSCAR EMR services to 61 medical clinics in Ontario. WELL Health’s acquisition only includes MedBASE’s OSCAR EMR patients, and not its other billing products. By acquiring it, WELL Health now supports over 1,500 primary health clinics in Canada. 

MedBASE is the sixth OSCAR EMR provider which WELL Health has acquired. WELL Health is now the largest OSCAR EMR service provider and third largest EMR service provider in Canada. 

The company expects that this acquisition will generate approximately $150,000 in annual normalised earnings before tax, depreciation, and amortisation.

WELL Health’s Chairman and CEO, Hamed Shahbazi, commented on the acquisition, and what it brings. 

“We are pleased to welcome MedBASE’s OSCAR EMR customers to the WELL EMR Group.

“MedBASE has been a trusted software service provider to physicians in the Province of Ontario for many years, with a reputation of strong service and support,” he said.

WELL Health is up 10.91 per cent, and is currently trading for $2.44 per share, as of 12:34pm EDT.

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