Premier Health firms up Cloud Practice acquisition
FURTHER TO its news release dated Dec. 17, 2018, Premier Health Group Inc. has signed a definitive agreement to acquire all of the outstanding securities of Cloud Practice Inc.
Cloud Practice’s founders, including chief executive officer Jordan Visco, and the entire support team, consisting of several software developers and sales staff, will join and work alongside the Premier Health team to offer tools and resources providing for better efficiency on a day-to-day basis for both physicians and customers. The combined Premier and Cloud Practice ecosystem consists of over three million patients.
“We are very excited to have completed this acquisition and to have the experienced team at Cloud Practice join the team at Premier Health. With this acquisition, we now have a medical software company with national reach. Thus, enabling us to build on our patient centric technology platform that will integrate telemedicine, on-line booking and other premium services with our electronic medical records (EMR) system,” said Dr. Essam Hamza, chief executive officer of Premier.
Jordan Visco, chief executive officer of Cloud Practice, stated: “We are thrilled to be joining a progressive group such as Premier Health. We are focused on delivering top-quality service to Canada’s health care industry and we are confident that with Cloud Practice’s offerings combined with the Premier Health team’s expertise and long-term vision, we can achieve considerable success.”
In consideration for the acquisition of all of the outstanding Cloud Practice securities, Premier will pay to the Cloud Practice shareholders total consideration of up to $5-million as follows: $500,000 paid in cash on signing of the binding LOI (letter of intent) as a refundable deposit, $500,000 in cash payable on closing, $500,000 in cash payable 90 days after closing, $500,000 in cash pay able wi thin six months of the LOI subject to the satisfaction of certain milestones related to the integration of the Juno EMR and an aggregate of $3-million payable in common shares of Premier at a deemed price of 76 cents per share.
All shares issued in the transaction are subject to a restricted period of four months and one day. There were no finders’ fees paid in connection with the transaction.
About Premier Health Group Inc.
Premier Health is a Canadian company that is strategically poised to take advantage of business opportunities in the global health care industry. The company is developing innovative health care approaches that combine human skill-based expertise with emerging technologies, with the goal of setting the gold standard for services in locations of interest worldwide. Premier Health’s subsidiary, HealthVue, is focused on developing proprietary technology to deliver quality health care through the combination of connected primary care clinics with telemedicine and artificial intelligence (AI). The company currently has an ecosystem of over 100,000 active patients and has plans to rapidly increase that number both domestically and internationally.
About Cloud Practice Inc.
Cloud Practice is a cloud-based software solutions co mpany fo cused on streamlining medical practice throughout Canada. It offers three products including Juno EMR, ClinicAid and MyHealthAccess. Juno EMR, a modified branch of an open-source electronic medical records (EMR) software which was originally released by McMaster University, is hosted in the cloud and can be accessed anywhere, any time.
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