This morning Canadian digital health company WELL Health Technologies announced its plans to acquire Aware MD, which owns cardiology and disease specialties-focused EHR Cerebrum, for $4.5 million with a conditional earn-out based on operation performance of up to $3.5 million.
Currently Cerebrum is used as an EHR for cardiology and other disease specialty areas, including radiology, endocrinology and rheumatology. The bulk of providers using the technology are in Canada’s Ontario province.
Following the acquisition, the Cerebrum EHR will be used to power WELL’s specialty care subsidiary MyHealth Partners. The technology will also be included in the WELL EMR group for distribution. WELL specified that it plans to continue the expansion of Cerebrum across the Canadian market.
WHY IT MATTERS
This new acquisition will add to WELL Health’s EHR offerings and specifically build out its EHR cardiology care. In the acquisition announcement, the company said that Aware MD generated $2 million in revenues over the last year.
“The proposed acquisition of Aware MD builds on WELL’s EMR business unit with a product that has dominant market share amongst Cardiologists in Canada’s largest province and positions WELL to better support Cardiology practitioners across Canada,” Hamed Shahbazi, CEO and founder of WELL, said in a statement.
“Adding Cerebrum, a best-in-class EMR to WELL’s practitioner enablement platform for key specialties is an exciting development. Cerebrum also powers our MyHealth business which houses the largest group of practicing cardiologists in Ontario. The integration of clinical services from MyHealth and Aware MD technology will further enhance the depth and usefulness of Cerebrum and allow WELL to innovate and better support specialists.”
THE LARGER TREND
This M&A comes just months after WELL Health announced its plans to acquire EMR Intrahealth Systems for just over $19 million. Within the last year the company has also snapped up digital health company CRH Medical Corporation and virtual care company MyHealth.
The company is interested in startups as well. In July, it announced the launch of WELL Ventures, which was created to invest in early stage digital health companies.
M&As are very common in the digital health world. In fact, in 2020, MobiHealthNews recorded a staggering 64 deals.