Comprehensive M&A data with integrated detailed company information

Well Health to acquire Indivica
Posted on Thursday, 21 May 2020 09:54
Well Health to acquire Indivica

Well Health Technologies has entered into an arm’s length agreement to acquire Indivica for USD 6.20 million.

Under the terms of the agreement, the buyer will pay USD 3.41 million in cash upon closing, USD 1.55 million in common shares at USD 3.10 apiece, and an earn out of USD 1.24 million due within 120 days after completion.

Well Health will fund the deal using cash on hand.

The transaction is subject to a number of conditions, including certain corporate and regulatory approvals, such as the green light from the Toronto Stock Exchange.

All the shares issued by Well Health will be issued pursuant to an exemption from applicable securities.

Indivica is a provider fully hosted electronic medical record (EMR) software and services and is based in Toronto, Ontario.

Founded in 2008, the business has been developing extensive intellectual property as it related to innovative technological solutions, appointment notification, patient communication, data deferation among disparate clinics and retrieval of Ontario Health Insurance Plan billings, among other things.

In the year ended 31st December 2019, Indivica posted revenue of USD 1.80 million, the majority of which can be attributed to recurring software-as-a-service and support revenues.

The group is expected to generate, at a minimum, double digit percentage for its double-digit percentage earnings before interest, taxes, depreciation and amortisation margin with non-speculative post-acquisition synergies.

Well Health is focused on consolidating and modernising clinical and digital assets within the healthcare sector.

The group claims to be the third-largest digital EMR supplier in Canada, owning and operating 21 medical clinics and supplying to over 1,500 locations across the country.

During the three months ended 31st March 2020, Well Health has posted revenue of USD 10.23 million, up 38.4 per cent from USD 7.39 million in the corresponding period of 2019.

Adjusted loss before interest, taxes, depreciation and amortisation totalled USD 245,932 in Q1 2020, compared to a loss of USD 338,465 in Q1 2019.

© Zephus Ltd