CloudMD to Acquire iMD Health Global Corp., a Revolutionary Patient Engagement Software Company
Award-winning patient engagement software providing peer- reviewed, educational resources for patients about their conditions and treatment plans
Access to 7.5 million patients, with over 10,000 healthcare professionals and other users, and 60 healthcare associations globally already using iMD
Featuring over 80,000 content resources (images, brochures and videos), covering 2,100 health conditions, including content licensed from the world-renowned Mayo Clinic library
Content partnerships with pharmaceuticals companies including, Astra Zeneca, Novartis, Sanofi, Bayer, Johnson&Johnson, etc.
Synergistic across all verticals of CloudMD’s business and shared vision of holistic, engaged patient centric care
Aggressive global growth plans with significant upside potential and projected YoY revenue increases
CloudMD Software & Services Inc. (the “Company” or “CloudMD”), a telehealth company revolutionizing the delivery of healthcare to patients, is pleased to announce that it has entered into a Binding Term Sheet (“Term Sheet”) to acquire 100% of iMD Health Global Corp. (“iMD”), a novel, award winning platform designed for healthcare professionals at every level of care to better engage, inform and educate patients about their conditions and treatment plans. The platform features trusted, peer-reviewed healthcare resources.
iMD is a trusted platform used by healthcare professionals (including doctors, nurses, pharmacists and allied health professionals), to provide factual, medical information that promotes positive patient behaviour in all health sectors. iMD’s intuitive platform provides a robust digital library and consultative visual component which is available on any digital device. iMD’s platform is populated with content licensing partnerships with Canada’s most respected health associations, pharmaceutical companies in addition to being backed and partnered with Apotex Pharmaceuticals, one of Canada’s largest pharmaceuticals companies with $2 billion in annual sales, which currently has an 18% equity stake in iMD.
The platform has access to over 7.5 million patients and is currently being used by over 10,000 healthcare professionals and other users including: 3,800 doctors, 2,000 pharmacies, 140 hospitals, and 150 specialty clinics. In addition, iMD has partnerships with over 30 global pharmaceuticals companies, 18 digital healthcare integration providers, Health Canada and over 60 healthcare associations in North America. iMD’s robust medical library already has over 80,000 patient friendly images, brochures and videos covering 2,100 health conditions, which includes the medical Mayo Clinic library. The platform has a great return on investment (ROI) for healthcare practitioners as it increases efficiency, improves patient engagement, reduces costs and saves time.
The acquisition of iMD is synergistic across every aspect of the Company’s business and both teams share the same vision of providing holistic, patient centered healthcare. iMD’s educational platform will enable CloudMD to provide its entire network of over 3000 healthcare practitioners, specialists, and allied health professionals and almost 3 million patients with valuable educational resources on healthcare issues, treatments and preventative solutions. Providing access to these additional resources is another way CloudMD demonstrates the importance of continuity of care and whole person care as it continues to disrupt traditional healthcare delivery.
The integration of iMD’s platform into CloudMD’s Electronic Medical Records (“EMR”) software, Juno, creates an industry leading EMR software, and one of the only solutions that gives healthcare professionals direct access to additional resources to provide to their patients from one platform. The integration revolutionizes CloudMD’s EMR and will give it a significant competitive advantage over others in the market.
The acquisition will be immediately accretive to CloudMD as iMD has multiple high margin revenue streams from SaaS and sponsorship services. Based on contracts signed to date, iMD expects to generate annualized revenue of approximately $1.2 million with earnings before interest, taxes, depreciation and amortization (EBITDA) margins exceeding 5%. iMD has continued to grow its team and invest in its intellectual property, thus operating near breakeven to continue funding its aggressive growth strategy. CloudMD’s platform will provide opportunities for new revenue streams, cross selling of services and optimization of iMD’s current revenue model.
Kevin Delano, CEO and Founder of iMD has plans to expand iMD across Canada, North America, Mexico and the Middle East. The iMD team will have access to CloudMD’s resources and capital to expedite its expansion and continue growing the business. Kevin has been leading iMD for the last 10 years and has a strong entrepreneurial background, having created / co-founded a number of businesses in the sales and marketing disciplines. Prior to iMD, he co-founded CIM (Consumer Impact Marketing), one of the largest Canadian sales and marketing agencies with approximately $90 million in revenue, which was acquired by Mosaic Sales Solutions. Kevin will be responsible for leading the continued global expansion of iMD.
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Essam Hamza, CEO of CloudMD commented, “Kevin has done an incredible job building iMD’s platform from inception to the world class solution it is today. The two companies instantly found common ground with our shared vision of providing a holistic, patient focused approach to healthcare. Combining both platforms is immediately synergistic across every aspect of both our businesses as it allows us to layer on additional educational resources for our doctors, allied health professionals and patients and for us to cross sell services to their clients and patients. These resources empower patients to finally participate in their own health and wellness which studies have repeatedly shown results in better outcomes, and in turn lowers healthcare costs for governments and corporations around the world. The addition of iMD further realizes our strategy of whole person healthcare delivery and will be an extremely valuable piece of our global growth plans.”
Kevin Delano President & CEO of iMD commented, “There is a significant disconnect between what a patient is told and what he or she remembers. We have developed the very best cloud-based patient engagement software on the market. With CloudMD’s infrastructure, including its EMR, network of clinics and pharmacies, and allied health, specialist and mental health solutions, we can accelerate our growth and help more patients. iMD’s platform empowers patients to take control of their health and wellness, and provides trusted health resources when and where they need it. We are excited to join CloudMD and look forward to working with them moving forward.”
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