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What you should know:
– HEALWELL AI (TSX: AIDX), a leader in Powered by AI preventative health care, announced today that it has agreed to acquire VéroSource Solutions Inc.a health technology company focused on data solutions and digital health platforms.
– The acquisition, valued at approximately $24.5 million, is expected to significantly enhance HEALWELL's capabilities in early disease detection and improve patient outcomes. By combining HEALWELL's AI expertise with VeroSource's data management and platform capabilities, the company is able to provide a more comprehensive and efficient healthcare technology solution.
VeroSource: a leader in data and information integration
VeroSource offers a comprehensive cloud platform that seamlessly connects patients, care providers and administrators to health data. This platform integrates data from a variety of sources, including electronic medical records (EMR), pharmacy and hospital information systems, enabling valuable analytics and insights. VeroSource has a user base exceeding one million and enjoys a strong track record of financial performance, with consistent revenue growth, high margins and positive cash flow.
Strategic advantages of the acquisition
The acquisition provides significant strategic benefits for both companies:
- HEAL WELL: Access VeroSource's data management, interoperability and visualization expertise, as well as a strong public sector customer base. This will enable HEALWELL to expand its disease detection and patient identification capabilities using AI and continue its mission of early disease detection.
- VeroSource: VeroSource's data solutions will benefit from HEALWELL's powerful AI technology, enabling them to offer even more actionable insights to their customers. Additionally, VeroSource expands its reach through HEALWELL's existing network of pharmaceutical customers.
transaction details
The acquisition will take place in two stages. HEALWELL will initially acquire 51% of the shares of VeroSource for approximately $12.5 million on July 1, 2024. The remaining shares will vest on or about January 1, 2025, for an additional $12.5 million. The purchase price will be a combination of cash and HEALWELL subordinate voting shares.
“We are thrilled to join forces with HEALWELL. Our combined expertise will accelerate our mission of empowering people and unlocking the value of healthcare data. With HEALWELL's support, we can expand our innovative digital health solutions more rapidly and effectively across Canada. We believe that we can help accelerate HEALWELL’s mission of early disease detection and providing more comprehensive, AI-driven healthcare solutions,” said Mark McAllister, CEO of VeroSource.