WELL Health Technologies - Chairman and CEO, Hamed Shahbazi
Chairman and CEO, Hamed Shahbazi
Source: WELL Health Technologies
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  • WELL Health Technologies (TSX:WELL) has completed its previously announced 100 per cent acquisition of Indivica
  • The company paid a total consideration of C$6.2 million, made up of both cash and common shares
  • Indivica develops software to digitally store medical records and has generated approximately C$1.8 million in revenue over the last year
  • With the acquisition complete, WELL Health has expanded its electronic medical records services to roughly 1,900 clinics and 10,000 physicians
  • WELL Health Technologies (WELL) is currently up 3.51 per cent and is trading at $2.95 per share

WELL Health Technologies (TSX:WELL) has completed its previously announced 100 per cent acquisition of Indivica.

The omni-channel digital health company operates a range of primary healthcare facilities and is the third-largest provider of digital electronic medical records (EMR) in Canada.

Founded in 2008 based in Toronto, Ontario, Indivica operates in the same sector. It offers fully-hosted EMR software solutions and services to a portfolio of 390 clinics, serving more than 2,000 physicians and medical professionals.

Indivica has also developed a variety of intellectual property assets related to appointment notification, patient communication, and automated submission and retrieval of Ontario Health Insurance Plan billings and reports.

Over the last 12 months, Indivica generated roughly C$1.8 million in revenue, and is expected to produce a double-digit EBITDA percentage margin with a host of post-acquisition synergies.

Now that the acquisition has been completed, the addition of Indivica’s assets expands WELL Health’s EMR services to approximately 1,900 clinics and 10,000 physicians.

Neil Baimel, CEO of Indivica, said he is delighted to finalise the transaction and join the WELL Health family.

“We feel WELL shares our vision for innovation in the EMR market in Canada, and we believe this is a win for our customers,” he added.

As consideration for the acquisition, WELL Health paid a total of $6.2 million. This includes $3.41 million paid in cash and $1.55 million paid in common shares at a price of $3.10 each. A time-based cash earn-out of $1.24 million will also apply, payable within 120 days from the date of closing.

Hamed Shahbazi, Chairman and CEO of WELL Health Technologies, said he is very pleased to welcome the Indivica team to the WELL EMR Group.

“Indivica is a proven and well-respected OntarioMD certified EMR vendor that has developed unique intellectual property to secure and support electronic records for medical clinics across Ontario,” he said.

WELL Health Technologies (WELL) is up 3.51 per cent and is trading at $2.95 per share at 11:53am EDT.

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