- Cloud Practice offer s cloud-based electronic medical records software applications for physicians throughout Canada
- As per the latest reported financials, Cloud Practice is EBITDA [[1] []] positive, resulting in immediate cash flow generation and earnings accretion for Premier Health
- Products include : Juno EMR, a cloud- based EMR solution ; ClinicAid, a medical billing software ; and MyHealthAccess, an online patient portal
- Juno EMR system is currently used by 287 clinics, over 3,000 licensed practitioners, 1, 500 staff and 2 ,870,000 registered patients
Premier Health Group Inc., a Company focused on developing innovative approaches that combine human skill-based expertise with emerging technologies for the healthcare industry, is pleased to announce that as a part of its technology platform, it has signed a binding LOI to acquire all of the outstanding securities of Cloud Practice Inc.
Dr. Essam Hamza, CEO of Premier Health, said: “We are ecstatic at the opportunity to build on our patient centric technology platform through the integration of Cloud Practice’s suite of software solutions. They have a strong team of developers who are just as enthusiastic as we are about the future of healthcare. We believe that this partnership will help facilitate our vision of integrating telemedicine, online booking and other premium services with our electronic medical record system.”
Dr. Essam continued: “Cloud Practice already has a tremendous standalone and growing business serving thousands of clinicians and millions of patients. The collective ecosystem of over 3,000,000 patients creates an opportunity to become a key player in the telehealth space in Canada.”
Jordan Visco, CEO of Cloud Practice, stated: “We are very excited to be joining a forward-thinking group such as Premier Health. The synergies between our two teams will help enable us to better streamline processes, making healthcare more efficient for all. We are also excited to implement some upcoming new, leading edge applications to make our software the best in the industry.”
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Terms of the Acquisition
In consideration for the purchase of all of the outstanding Cloud Practice securities, Premier will pay to the Cloud Practice shareholders total consideration of up to $5 million as follows: (i) $500,000 paid in cash on signing of the binding LOI as a refundable deposit, (ii) $500,000 in cash payable on closing, (iii) $500,000 in cash payable 90 days after closing, (iv) $500,000 in cash payable within six months of the LOI subject to the satisfaction of certain milestones related to the integration of the Juno EMR, and (v) an aggregate of $3 million payable in commons shares of Premier at a price to be determined in the context of the market.
The acquisition is subject to customary closing conditions, including the execution of a definitive acquisition agreement and receipt of Canadian Securities Exchange approval. Closing is expected to occur at or about the end of December.
ON BEHALF OF THE BOARD OF DIRECTORS Dr. Essam Hamza, MD Chief Executive Officer
Date: December 24, 2018
Source: MarketWatch