Canadian health technology company WELL Health Technologies has agreed to acquire clinic assets from MCI Medical Clinics, a subsidiary of MCI Onehealth Technologies.
Located in Southern Ontario, the clinics provide primary care services such as family medicine and women’s health.
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More than 130 physicians will join WELL, adding to more than 3,000 providers in its North American patient service business units.
The MCI clinics will be integrated with WELL’s Ontario clinics, which provide allied health, diagnostics, primary care and other medical subspecialties.
In addition, WELL plans to add OceanMD’s patient engagement tools, DoctorCare’s RCM services and WELL AI Voice from its Practitioner Enablement Platform, once the deal has closed.
WELL founder and CEO Hamed Shahbazi said: “We’re thrilled to enter a number of agreements that result in a strategic alliance that will immediately position MCI OneHealth as a key national leader in the multi-billion dollar disease detection marketplace.”
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By GlobalDataWELL will join MCI’s board of directors and will be a holder of MCI’s convertible debentures.
Subject to certain conditions being met, the company will also hold the option to acquire up to 30.8 million Class A shares and Class B shares in MCI Onehealth over time.
It plans to use the proceeds from this debenture financing to advance its technology-enabled healthcare research offerings.
The clinics in this acquisition are expected to generate more than $21m in annual revenues and contribute positive EBITDA in fiscal year 2024.
WELL chief medical officer Dr Michael Frankel said: “MCI’s platform has already saved lives by discovering those ‘needle in a haystack’ cases and delivered value to hundreds of healthcare providers.
“As a physician, I am excited to work with them to evolve their platform and help them expand their pool of participating physicians.”
Based in Vancouver, WELL’s solutions are used by more than 28,000 healthcare providers in North America.
