Innavera is pleased to note that one of our clients was successfully acquired in a multi million dollar deal. Well Health Technology Corp. (WELL), a company focused on consolidating and modernizing the healthcare sector, announced its acquisition of DoctorCare Inc. (DoctorCare) in a cash and stock deal was valued at CAD $18 million as of November 1st, 2020.
Under the terms, Well Health agreed to make cash payments totalling $9 million, subject to adjustment; issue 255,056 of its common shares at a set price of about $7.84 per share; and a multiyear performance earn-out subject to a limit of $7 million.
“With the acquisition of DoctorCare, WELL has formed the WELL Billing and Backoffice Group, its sixth business unit, which we believe represents an independent and significant growth opportunity given the substantial TAM(3) associated with the medical billing and back-office marketplace in North America. We are very pleased with the acquisition of DoctorCare, the national category leader for ‘Billing as a Service’ outsourcing services to doctors in Canada,” said Hamed Shahbazi, Chairman and CEO of WELL. “DoctorCare has been supporting the practice and management needs of physicians across Canada since 2012, helping them streamline their billing operations and allowing them to spend more time on patient care. Paulo and Adam are amazing leaders, and we look forward to partnering with their talented team members and building a substantial business together helping support providers across the country.”
“We are excited to partner with WELL, who shares in our mission to support primary care doctors with innovative management solutions for their practice. We believe we can accelerate the expansion of DoctorCare solutions with the help of WELL’s network, expertise and capital.”
Paulo Gomes, Founder and Managing Director of DoctorCare
DoctorCare, a company based in Toronto, helps modernize and simplify billing for healthcare professionals by providing fully transparent and detailed financial reporting, analytics, insights and recommendations that ensure doctors understand how they are being paid and are optimizing their revenue.
About WELL Health Technologies Corp.
WELL is an omni-channel 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 20 primary healthcare 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 and cybersecurity related technology solutions. WELL is an acquisitive company that follows a disciplined and accretive capital allocation strategy. WELL is publicly traded on the Toronto Stock Exchange under the symbol “WELL” and was recognized as a TSX Venture 50 Company three years in a row in 2018, 2019 and 2020. To access the Company’s telehealth service, visit: https://virtualclinics.ca and for corporate information, visit: www.well.company.
