HEALWELL AI, a Canada-based healthtech company specialising in AI and data science for preventative care, has signed an agreement to acquire VeroSource Solutions for a total consideration of C$24.5m ($17.8m).
As per this transaction, HEALWELL will pay a “significant portion” of the total consideration in HEALWELL Class A subordinate voting shares.
VeroSource is a multi-service software and services technology company that provides a 'Digital Front Door' to healthcare systems across the Canadian provinces, including New Brunswick.
The company’s capabilities in data management, interoperability, and rendering are considered important in unlocking clinical value and addressing patient and provider needs.
The proposed acquisition will see the integration of VeroSource's AI technology, particularly its VS Data-as-a-Service product, with HEALWELL's AI capabilities.
This synergy is expected to enhance HEALWELL's digital co-pilot tools and allow for the use of VeroSource's data interoperability and visualisation tools across HEALWELL's footprint.
The combined technology stack further aims to accelerate HEALWELL's mission of early disease detection.
HEALWELL anticipates significant revenue growth and the addition of long-term enterprise-grade contracts through this acquisition.
The deal is also expected to be highly accretive, cash-conservative, and deliver substantial value.
VeroSource's recurring high-margin software and services revenue, stakeholder relationships, and a team of data scientists, engineers, and other healthcare technology entrepreneurs are some of the additional benefits for HEALWELL AI.
Upon completion, the acquisition will mark a significant milestone for HEALWELL, enhancing healthcare delivery and patient outcomes through advanced technology.
The deal will expand HEALWELL's capabilities in the public sector, adding digital front door and patient access solutions, FHIR interoperability and data solutions, International Patient Summary solutions, and digital identity solutions.
Additionally, it will combine VeroSource's provincial public sector customer base with HEALWELL's pharmaceutical network.
VeroSource CEO Mark McAllister said: “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.”
