- CloudMD (TSXV:DOC), a growing health tech stock, has closed the sale of select U.S. non-core assets to N. Harris Computer Corporation, an operating group of Constellation Software
- These include its electronic medical records, practice management and revenue cycle management assets for approximately US$6.3 million
- Management believes the transaction will enable a focus on higher growth on an expedited path to profitability
- CloudMD is a North American healthcare services provider
- CloudMD stock (TSXV:DOC) is up by 3.7 per cent trading at $0.14 per share
CloudMD (TSXV:DOC), a growing health tech stock, has closed the sale of select U.S. non-core assets for approximately US$6.3 million.
These include its electronic medical records (EMR), practice management (PM) and revenue cycle management assets.
The buyer is a subsidiary of N. Harris Computer Corporation, which acquires and manages vertical market software businesses as an operating group of Constellation Software (TSX:CSU). Harris oversees over 170 businesses globally across more than 20 industries.
Harris paid approximately US$5.5 million of the consideration on closing with the balance held as a customary holdback.
The transaction follows the sale of CloudMD’s Canadian EMR business in October 2022.
CloudMD has grown its top-line revenue by more than 110 times since 2018.
“We continue to successfully execute our strategy of focusing on our higher growth and margin businesses while surfacing value from non-core assets in our portfolio,” CloudMD CEO Karen Adams said in a statement. “The leadership team’s focus is on growing our core health and wellness services business and executing on our expanded pipeline in our health and productivity solutions business, particularly our remote patient monitoring platform. This will further enable us to deliver on our path to profitability with deployment of capital and resources to high-growth opportunities.”
CloudMD is a North American healthcare services provider. Its workplace health and well-being solution, Kii, offers a personalized and connected healthcare experience across mental, physical and occupational health while delivering superior clinical health outcomes, consistent high engagement, and measurable ROI for payers. The company is also a market leader in workplace absence management through data-driven prevention, intervention and return-to-work programs.
CloudMD (TSXV:DOC) is up by 3.7 per cent trading at $0.14 per share as of 10:31 am ET.
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