Mr. Dan Matlow reports
VITALHUB CORP. ANNOUNCES ACQUISITION OF COMMUNITY DATA SOLUTIONS
Vitalhub Corp. has acquired QWAD Community Technologies Pty. Ltd., doing business as Community Data Solutions (CDS).
Vitalhub has acquired CDS in an all-cash acquisition by its wholly owned subsidiary, Vitalhub Australia Pty. Ltd., for a purchase price at closing of $8,197,155 (Australian), which was after customary closing and working capital adjustments.
For the 12-month period ending Sept. 30, 2022, CDS has estimated revenue of approximately $4-million (Australian), of which, $2.8-million (Australian) was identified to be recurring in nature with adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) of approximately $1.3-million (Australian). Adjusted EBITDA, a non-IFRS measure, is defined as earnings before interest, taxation, depreciation, amortization, share based compensation, business acquisition, restructuring and integration costs.
Dan Matlow, Vitalhub chief executive officer, commented on the acquisition, stating: "Although we already have some great customers in Australia, the acquisition of CDS provides us with a strong foundation to continue to accelerate our growth in a new market. We believe that Australia represents a great opportunity for expansion for all our product lines and we now have a fully operational organization as a basis to build upon."
"As Community Data Solutions grew in the last three to four years, we had multiple enquiries from organizations seeking to purchase CDS. We are very pleased to have found a partner in Vitalhub that understands our unique culture and offering in the Australian market, and seeks to expand upon this with their other internationally deployed software solutions. We believe this will greatly complement the diversity of products available in the community services and health sectors in Australia and New Zealand, which ultimately benefits the day-to-day end users, administrators, and both public and private funding sources," said Greg Were, co-founder of CDS.
"We look forward to our new journey with Vitalhub. We believe the innovation and broader product suite of software solutions that Vitalhub will bring to this market will provide healthy competition, and excellent value for money for our customers and for the broader community services and health sector organizations," said Tom Twelftree, CEO of CDS.
About Community Data Solutions
Founded in 2010 and based in Adelaide, south Australia, CDS offers an on-line case management system and supporting products which are used to support many critical workflows in the community services sector, including counselling, case work, anti-poverty programs, foster care, aged care and disability services. The product suite includes customer relationship management, business intelligence and outcomes management tools, as well as integration with timesheet and rostering functionalities. CDS serves 350-plus agencies located in all states and internal territories of Australia with its 19 staff based in south Australia and New South Wales.
Software for health and human services providers designed to simplify the user experience and optimize outcomes.
Vitalhub provides technology to health and human services providers including hospitals, regional health authorities, mental health, long term care, home health, and community and social services. Vitalhub solutions span the categories of electronic health record (EHR), case management, care co-ordination and optimization, and patient flow and operational visibility solutions.
The company has a robust two-pronged growth strategy, targeting organic growth opportunities within its product suite, and pursuing an aggressive M&A (merger and acquisition) plan. Currently Vitalhub serves more than 400 clients across Canada, the United States, the United Kingdom, Australia, the Middle East and Europe.
Vitalhub is based in Toronto, Canada, with an offshore development hub in Sri Lanka. The Vitalhub team comprises more than 300 team members globally. The company is publicly traded on the Toronto Stock Exchange under the symbol VHI.
We seek Safe Harbor.
© 2023 Canjex Publishing Ltd. All rights reserved.