Mr. Hamed Shahbazi reports
WELL HEALTH COMPLETES ACQUISITION OF ADRACARE, EXPANDING INTO NEW HEALTH MARKETS AROUND THE GLOBE
Well Health Technologies Corp. has provided an update:
Well has completed its previously announced acquisition of all the issued and outstanding shares of Adracare Inc.
Adracare is a comprehensive omnichannel practice management platform serving over 6,800 allied health care practitioners in five countries. Adracare's largest customer sectors include mental health, medicinal cannabis and physical therapy.
- The Adracare platform was built to support providers of all sizes from small business to large enterprises, including some of the largest physiotherapy and medicinal cannabis companies in Canada that use and private label the Adracare platform to support their customers.
Adracare is expected to be immediately accretive to Well as it is expected to generate annualized revenue of close to $2-million
and be profitable on an EBITDA (earnings before interest, taxes, depreciation and amortization) basis.
Hamed Shahbazi, chairman and chief executive officer of Well, commented: "We are delighted to welcome Adracare to the Well family. Adracare's unique telehealth enabled practice management platform has already demonstrated strong success with some of Canada's most recognized brands. Adracare helps Well expand into net new markets such as mental health and medicinal cannabis. Additionally, we are thrilled to be growing Well's footprint of customers beyond North America into the United Kingdom, Australia and New Zealand where Adracare is supporting customers."
In consideration for the acquisition of Adracare, the company paid a purchase price of approximately $4.75-million in cash, subject to adjustments and holdbacks. Based on its current revenue run rate and recently signed contracts, Well expects Adracare to generate annualized revenue of close to $2-million
and be profitable on an EBITDA basis.
Based in Toronto, Ont., Adracare is engaged in the business of providing secure clinic management, telehealth and practice management software related services to clients in five countries. Adracare's software supports various practices including mental health, physiotherapy, nutrition, medicinal cannabis, audiology and speech pathology, and occupational health. Through its software, medical professionals are able to connect with patients any time through Adracare's all-in-one, virtual HIPPA-compliant (Health Insurance Portability and Accountability Act) platform. Furthermore, Adracare's platform allows providers and patients to interact with the company's services via apps provided through Apple iOS and the Google Play app stores. The Adracare platform booked more than 93,000 appointments in the last quarter supporting more than 179,000 patients. The company will continue to be operated by its current chief executive officer, Olivier Giner.
"The Adracare team is thrilled to be joining Well and contributing to Well's mission of positively impacting health outcomes by leveraging technology," said Mr. Giner. "Our multifaceted and highly capable platform is a perfect complement to Well's ecosystem of growing EMR, telehealth and allied health businesses."
About Well Health Technologies Corp.
Well is an omnichannel digital health company whose overarching objective is to empower doctors to provide the best and most advanced care possible while leveraging the latest trends in digital health. As such, Well owns and operates 27 primary health care clinics, is Canada's third-largest digital electronic medical records (EMR) supplier serving over 2,000 medical clinics, operates a leading national telehealth service, and is a provider of digital health, billing and cybersecurity related technology solutions.
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