- Intrahealth is a transformational acquisition for the WELL EMR Group as it transitions the business unit from solely providing OSCAR EMR(1) services to being a provider of multiple EMR product offerings in global markets.
- Intrahealth is an enterprise class EMR provider supporting approximately 15,000 clinicians providing care for millions of patients from small clinics to large health delivery organisations in its global network across Canada, Australia and New Zealand.
- Over the past 12 months Intrahealth generated approximately $9M in revenues with over 20% in EBITDA margin(2). Over 80% of Intrahealth’s revenue is high margin recurring revenue.
- WELL also anticipates integrating Intrahealth to the apps.health marketplace in the coming months, paving the way for third party app developers to have their digital health applications available on both OSCAR Pro and Intrahealth platforms.
VANCOUVER, BC, - April 5, 2021 /CNW/ - WELL Health Technologies Corp. (TSX: WELL) (“WELL” or the “Company”), a company focused on consolidating and modernizing clinical and digital assets within the healthcare sector, is pleased to announce it has closed the share purchase agreement dated March 7, 2021 with the shareholders of Intrahealth Systems Limited, a New Zealand company (“Intrahealth”), and acquired all of the issued and outstanding shares of Intrahealth (the “Transaction”) for total consideration of approximately $19,250,000. Intrahealth is a provider of enterprise class EMR and clinical healthcare software with customers in Canada, New Zealand and Australia.
“We are pleased to welcome the talented Intrahealth team to WELL Health,” said Hamed Shahbazi, Chairman and CEO of WELL. “We are very excited about this highly complementary and accretive acquisition as it expands WELL into a multi-product EMR company, boosts our digital health revenue, increases our global footprint and creates numerous cross-selling opportunities. This is a transformational acquisition for our WELL EMR Group as it positions WELL as a leading international EMR operator.”
Founded in New Zealand, and now headquartered in Vancouver, BC, Intrahealth is engaged in the business of providing a suite of flexible software solutions to a wide variety of customers including health authorities, hospitals, public health outpatient centres, community health, home care, ambulatory care and diverse health care professionals. Intrahealth provides highly configurable software solutions that also support mobile platforms and seamless access to virtual care/telehealth solutions. Intrahealth’s solutions for hospitals include patient administration system, bed management, waiting list management, enterprise-wide scheduling, case management, medication management, emergency room operations and ward management, among many other features. Intrahealth supports approximately 15,000 healthcare professionals across its global network of Canada, Australia and New Zealand. Over the past 12 months, Intrahealth generated more than $9M in revenues with over 20% in EBITDA margin(2). Approximately two-thirds of Intrahealth’s revenue is generated in Canada and over 80% of Intrahealth’s revenue is high margin recurring revenue.
Dr. Mark Matthews, CEO of Intrahealth commented, “We look forward to being a part of the larger WELL Health ecosystem, which enables us to leverage the management, capital allocation and shared services expertise of WELL while continuing to grow and serve our customers. WELL is aligned with our vision of global expansion and provides Intrahealth with additional products and services for our customers.”
Intrahealth will operate as a stand-alone business within the WELL EMR Group and be operated by its current CEO, Dr. Mark Matthews. Intrahealth’s Profile EMR is an integrated practice management and EMR package which will be marketed and sold alongside WELL’s OSCAR Pro product. The acquisition is a key milestone for the WELL EMR Group as it expands its addressable market to a previously unrealizable level with the restructuring to a multi-product business unit with customers worldwide. WELL also anticipates integrating Intrahealth to the apps.health marketplace in the coming months, paving the way for third party app developers to have their digital health applications available on both OSCAR Pro and Intrahealth.