- WELL Health Technologies (WELL) closes acquisition of Trinity Healthcare Technologies
- The total value of the acquisition, which was paid with cash on hand, came to roughly C$7,225,000
- Trinity Healthcare is Canada’s second-largest Open Source Clinical Application Resource provider
- Shares in WELL Health Technologies are currently up by 4.37 per cent at C$1.91, with a market cap of C$220.74 million
WELL Health Technologies (WELL) has closed its previously announced acquisition of Trinity Healthcare Technologies.
WELL EMR Group – which operates a range of Primary Healthcare Facilities and a significant Electronic Medical Records business – will integrate Trinity Healthcare with its operations, along with the company’s previous acquisitions KAI Innovations, NerdEMR, OSCARprn and OSCARwest.
The acquisition elevates WELL EMR Group’s reach to support roughly 1,446 healthcare clinics servicing 8,280 physicians and practitioners throughout Canada.
Mississauga-based Trinity Healthcare, established in 2006, is Canada’s second-largest Open Source Clinical Application Resource (OSCAR) provider, generating more than C$2 million in revenue over the past year – the majority of which has come from recurring subscriptions.
“We are very pleased to welcome THT into the WELL EMR family,” said WELL Chairman and CEO, Hamed Shahbazi.
“THT has been a well-recognized innovator and EMR service provider with a strong base of clients in the fields of primary care, ophthalmology and fertility amongst others. To our knowledge, with the acquisition of THT, more than 10% of all physicians in Canada who work in outpatient clinics are now supported by a WELL EMR solution.”
Total consideration for the acquisition, which was financed with cash on hand, came to approximately C$7,225,000.
Of the total amount roughly C$4,696,250 was paid on closing of the deal, with C$1,445,000 paid in common shares of WELL at a price of C$1.39 each. A time-based earn-out of C$1,083,750 will also be paid in quarterly instalments over the next two years.
“We are excited to be joining the WELL EMR Group and being a part of the largest OSCAR service provider in the country,” said Trinity Healthcare CEO, Toby Bian.
“We are confident that our physicians and clinic customers will be appropriately served by the WELL EMR Group who has already successfully integrated several OSCAR service providers.”
Shares in WELL Health Technologies are currently up by 4.37 per cent at C$1.91, with a market cap of C$220.74 million.
