QHR to acquire angel-backed Medeo for $3.375M
QHR Corporation (TSX-V: QHR), a provider of Healthcare Information Technology and Solutions, has agreed to acquire Medeo Corporation, a Vancouver based virtual care technology company.
The purchase price will consist of $2.225 million in cash and 1,000,000 common shares of QHR, and will be distributed among the various Medeo stakeholders. QHR stock closed at $1.15 on November 10, 2104, effective valuing the deal at $3.375 million.
Founded in October 2012, Medeo has an innovative system designed and built by physicians and developers in an effort to improve access, efficiency and quality of care for patients and their providers. The Medeo virtual care platform, available to healthcare providers for a monthly fee, allows providers to connect with their patients through cloud-based secure online messaging, video conferencing and telehealth workflows.
Medeo is backed by private investors including Ryan Holmes, CEO of HootSuite Media.
“The acquisition of Medeo helps advance QHR’s strategy to deliver a healthcare platform that spans the spectrum of clinics and devices, is deployed securely in the cloud and provides entry into new markets. QHR leads the Canadian marketplace with the country’s largest single EMR platform (Accuro EMR). We are confident that the addition of this mHealth (mobile healthcare) solution will strengthen our leadership position and enhance the physician workflow experiences with their patients,” said Al Hildebrandt, President and CEO of QHR.
“Medeo has led the Canadian market in the development of the first Software-as-a-Service (SaaS) virtual healthcare platform. At the two-year mark in our business, we have developed a loyal clientele of leading Canadian healthcare providers,” said Michael Dingle, President and CEO of Medeo. “Aligning with QHR allows for continued innovation and product development toward our goals of improving access to care, delivering a solution that provides for real time reductions in healthcare delivery costs, and contributing positively to the industry goal of improving secure workflow for patient care. QHR’s national and international scope affords Medeo the opportunities to grow in more markets and to integrate with their market-leading EMR product Accuro. I know that our clients, team, and other stakeholders will benefit from our move to QHR.”