CloudMD Announces Binding Term Sheet to Acquire Integrated Medical Clinic with 12 Physicians

Cashflow positive, generating C$3 million a year in revenue

Innovative clinic using online booking and telemedicine, easily integrated into CloudMD’s Electronic Medical Records (EMR) software

Team of 24 healthcare professionals servicing over 60,000 patients

Offer specialist services including psychiatry and women’s health

CloudMD Software & Services Inc., a telemedicine company seeking to revolutionize the delivery of healthcare to patients, announced today its intent to acquire a medical clinic based in Metro Vancouver, BC (the “Clinic”). The Company has signed a Binding Term Sheet (the “Term Sheet”) with the Clinic to acquire 100% of the business, assets and operations.

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The recent oversubscribed bought deal financing positioned CloudMD with significant capital to accelerate its M&A activity to scale and grow the business quickly and effectively. The acquisition of the Clinic is a part of CloudMD’s defined growth strategy and upon completion of the acquisition, CloudMD will increase its topline revenue. The cashflow positive business generated revenue of C$3 million in the latest fiscal year ended December 31, 2019.

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The Clinic is a premier provider of integrated medical solutions and an early adopter of telemedicine delivery. The Clinic has been able to streamline healthcare services and provide longitudinal and team-based patient centric care by offering a number of medical services from one location. The clinic operates with 24 healthcare professionals across various specialities including mental health, women’s health, sports medicine, gynecology and psychiatry. The Clinic already uses online booking, EMR and telemedicine that will be easily integrated into CloudMD’s EMR software and clinic network.

Dr. Essam Hamza, CEO of CloudMD commented, “COVID-19 and the cash injection from the most recent financing were transformational for us and accelerated our growth plans by 3-5 years. The funds raised gives us a war chest of capital to deploy on strategic, accretive acquisitions already in our due diligence pipeline. The acquisition of this clinic not only increases our top line revenue by $3 million, but it’s also an important part of our growth strategy as we expand our hybrid digital clinic footprint across Canada and the United States.”

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